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- S&P 500, Nasdaq touch new peaks after strong labor data; Nvidia hits all-time high</p>
<p>Sruthi Shankar and Nikhil SharmaJuly 3, 2025 at 7:22 PM</p>
<p>By Sruthi Shankar and Nikhil Sharma</p>
<p>(Reuters) -The S&P 500 and the Nasdaq touched fresh record highs on Thursday after a stronger-than-expected U.S. jobs report pointed to labor market resilience, while Nvidia looked set to become the most valuable company in history.</p>
<p>Nvidia rose as much as 2.4%, putting it on track to become the world's most valuable company in history, with the chipmaker's market capitalization nearing $4 trillion. Its shares were last up 1.6%, trading at all-time highs.</p>
<p>Data showed nonfarm payrolls increased by 147,000 jobs last month after an upwardly revised 144,000 advance in May, while economists polled by Reuters had forecast payrolls rising 110,000. Unemployment fell to 4.1% last month, against expectations of a rise to 4.3%.</p>
<p>"We were all expecting the hard data would start to show some cracks, and we really haven't seen that with the jobs report coming in much better than expected," said Brian Klimke, chief market strategist at Cetera Investment Management LLC.</p>
<p>"That just puts the Fed on pause and gives it more time to wait right now because the labor market is really resilient."</p>
<p>Traders quickly priced out chances of an interest-rate cut in July, with the odds of a 25-basis-point reduction in September at 68%, according to CME Group's Fedwatch tool, down from 74% a week ago.</p>
<p>The report was released a day early because of the Independence Day holiday on Friday. Trading volumes were lighter than usual on Thursday with markets due to close early, at 1 p.m. ET.</p>
<p>Separate data showed the number of Americans filing new applications for jobless benefits fell to a six-week low last week and U.S. services sector activity picked up in June as orders rebounded but employment contracted for the third time this year, underlining the impact of policy uncertainty on businesses.</p>
<p>The S&P 500 and the Nasdaq extended their record-winning session as signs of a resilient economy and easing trade tensions following a series of agreements between the United States and other countries continue to propel stocks higher.</p>
<p>The blue-chip Dow was just 0.8% shy of all-time highs touched in December.</p>
<p>All three main indexes were on track to end the holiday-truncated week on a positive note, if gains hold.</p>
<p>Meanwhile, Republicans in the U.S. House of Representatives advanced President Donald Trump's massive tax-cut and spending bill toward a final yes-or-no vote, appearing to overcome internal party divisions over its cost.</p>
<p>The legislation is expected to add $3.4 trillion to the nation's $36.2 trillion in debt over the next decade, according to nonpartisan analysts.</p>
<p>At 11:04 a.m. the Dow Jones Industrial Average rose 371.39 points, or 0.83%, to 44,852.70, the S&P 500 gained 49.57 points, or 0.79%, to 6,276.69, and the Nasdaq Composite gained 193.63 points, or 0.95%, to 20,586.75.</p>
<p>Shares of chip design software firms Synopsys and Cadence Design Systems climbed 5.1% and 4.6%, respectively, in premarket trading after the U.S. lifted export restrictions on chip design software to China, signaling a thaw in trade tensions between the world's top two economies.</p>
<p>Tripadvisor climbed 16.3% after the Wall Street Journal reported activist investor Starboard Value had built a more than 9% stake in the online travel company.</p>
<p>Datadog jumped 13.5% after the cloud security firm was set to replace Juniper Networks on the S&P 500.</p>
<p>Advancing issues outnumbered decliners by a 2.09-to-1 ratio on the NYSE and 1.93-to-1 ratio on the Nasdaq.</p>
<p>The S&P 500 posted 38 new 52-week highs and one new low, while the Nasdaq Composite recorded 102 new highs and 18 new lows.</p>
<p>(Reporting by Sruthi Shankar in Bengaluru; Editing by Pooja Desai)</p>
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