Crypto mining stocks logged strong weekly gains, in a rally fueled by signs that a favorable macroeconomic backdrop could support the US Federal Reserve’s soft-landing narrative. Shares of major mining firms surged between 13% and 28% over the past four trading sessions.
Nvidia hit a market value of $3.92 trillion on Thursday, briefly becoming the most valuable company in history. Shares rose as much as 2.4%, giving the company a higher market cap than Apple’s record closing value of $3.915 trillion on December 26, 2024.
The U.S. dollar rose against major currencies, including the yen, euro and Swiss franc, after data showing the U.S. economy created more jobs than expected, signalling that the Federal Reserve might take longer to cut interest rates.
Nasdaq and The S&P 500 closed up, lifted by gains in tech stocks and news of a trade agreement between the U.S. and Vietnam that helped ease concerns about an extended trade war. Nasdaq rose, boosted by Nvidia, Apple and Tesla.
Nvidia reclaimed the top spot among the most valued companies worldwide in June, as its shares were supported by renewed optimism over its leadership in artificial intelligence and expectations of surging demand for its AI chips
Gold prices firmed as weaker-than-expected jobs data fueled hopes of the U.S. Federal Reserve cutting rates sooner than anticipated, while investors also awaited the upcoming non-farm payrolls report for further cues on monetary policy.
The U.S. dollar rose against major currencies as data supported market expectations of a Federal Reserve interest rate cut, while the pound sterling fell amid a selloff in British government bonds.
