CNBC Business News Update - Market Close: Stocks Higher, S&P 500 and Nasdaq Close At Record Highs, Nvidia Hits 3 Trillion Dollar Valuation 6/5/24

Episode Date: June 5, 2024

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored and reported by CNBC's Jessica Ettinger.

I'm Jessica Edinger, CNBC. Wall Street opens Thursday morning after a winning and record-setting Wednesday for stocks. Record highs for the S&P 500 index and the Nasdaq. NVIDIA topped the $3 trillion market cap mark for the first time. Let's start with the Dow on Wednesday, up 96 points, a quarter percent. The S&P 500 index was up 62 points. That was more than one percent. And the NASDAQ up 330 points, almost two percent. We got the benefit from this big pullback in

Treasury yields. It seems like private sector payrolls from ADP was roughly in the zone of saying the economy's OK until proven otherwise. It's a bull market. CNBC's Mike Santoli. Companies who shares hit fresh all-time highs include NVIDIA, as we mentioned, T-Mobile, Royal Caribbean, Costco, TJ Maxx and Marshall's parent TJX companies, and Walmart. NVIDIA hit that $3 trillion valuation for the first time, closed there. The AI chipmaker becoming the second biggest company in the world behind Microsoft. If you're designing the perfect momentum company from scratch, Nvidia would be it. There you've got a great story, a CEO who sticks to the story,

no distractions, and you've got a market that contributes to the mix. You're seeing one of the great momentum plays of all time playing out in front of you. NYU finance professor Oswath Demodaran on CNBC. American Airlines offering flight attendants 17% raises immediately as contract talks drag on. A strike's been looming. Boeing shares ticked higher on a successful Starliner launch after two postponements. It's heading to the International Space Station for a Thursday docking. Boeing launched its first Starliner flight. Two astronauts aboard from Cape Canaveral, Florida. About 15 minutes afterwards, the rocket released the

Starliner capsule in orbit as planned, the flight going as expected. CNBC's Kelly Evans. Private companies added 152,000 jobs in May, according to ADP. That was fewer than expected and more data pointing toward a slowing labor market. The government's May employment report will be out Friday morning. Where were the jobs added last month? Let's take a look at how we got there. Small business down 10,000. Medium-sized business up almost 80,000. And large business 100,000.

Looking at it by industry, trade, transportation up 55. Educational services, that's where we see a lot of the jobs in the BLS report as well. Up 46. Construction up 32. Leisure and hospitality, not as much before. And there's that decline in manufacturing jobs, down 20,000. CNBC Senior Economics Reporter Steve Leisman. The Federal Trade Commission getting set to sue America's largest alcohol distributor,

alleging secret kickbacks. Southern Glazers Wine and Spirits supplies alcohol for more than 7,000 brands in 44 states. It's the middleman between the producers and the liquor stores. Walmart rolling out new training programs as the nation's largest private employer needs workers from pharmacists to HVAC technicians. Walmart is starting a program in the Dallas area for employees who want to get into a skilled trade. Diamonds may be forever, but demand is not. Diamond prices have plunged.

Prices of the precious gems are down nearly 6% so far this year and a whopping 30% since 2022. According to Zeminski's Rough Diamond Index, dwindling demand in China, and a growing preference for lab-grown stones. And there are fewer people getting married. CNBC's Tyler Matheson. On Thursday's Watch List, we get earnings from JM smucker Big Lots and Chinese EV maker NIO. We get the latest on labor costs and productivity, and we find out how many people applied for unemployment benefits last week. Jessica Ettinger, CNBC.

Friday, a critical jobs report. Will payrolls continue to soften and help pave the way for Fed rate cuts? Squawk Box, Friday, 8.30 a.m. Eastern, CNBC.