[New York Stock Market] Rises on Higher Job Openings and Hopes for U.S.-China Trade Talks... Nvidia Reclaims Top Market Cap

Nvidia Surges 3%, Overtakes Microsoft to Become No. 1 in Market Cap
April Job Openings Reach 7.391 Million, Exceeding Expectations
U.S.-China Leaders to Hold Call This Week... Will Trade Talks Progress?
OECD Cuts U.S. Growth Forecast for This Year from 2.2% to 1.6%

All three major indexes on the New York Stock Exchange closed higher on June 3 (local time). Despite concerns over a tariff war, strong demand in the U.S. labor market fueled buying. Investors are awaiting a scheduled call between U.S. President Donald Trump and Chinese President Xi Jinping this week, focusing on whether there will be progress in the stalled U.S.-China trade talks. Nvidia, the leading artificial intelligence (AI) stock, surged nearly 3%, reclaiming the top spot in market capitalization from Microsoft (MS).

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On this day, the blue-chip Dow Jones Industrial Average (Dow) rose 214.16 points, or 0.51%, to close at 42,519.64. The large-cap S&P 500 climbed 34.43 points, or 0.58%, to 5,970.37, while the tech-heavy Nasdaq jumped 156.34 points, or 0.81%, to finish at 19,398.96.

By sector, semiconductor stocks including Nvidia all posted gains. Nvidia rose 2.93%, regaining its position as the company with the largest market capitalization. Broadcom and Micron Technology jumped 3.27% and 4.15%, respectively. Dollar General soared 15.85% on a surprise first-quarter result and an upward revision of its annual outlook. U.S. nuclear power company Constellation Energy closed down 0.13%, despite news that it signed a 20-year power contract with Meta, the parent company of Facebook.

Data released in the morning showed that U.S. job openings in April remained robust despite concerns over a slowdown in the labor market. According to the U.S. Department of Labor's Job Openings and Labor Turnover Survey (JOLTs), the number of job openings in April 2025 was 7,391,000, an increase of 191,000 from the previous month (7,200,000). This figure also significantly exceeded market expectations of 7,110,000. Even as consumer spending slowed and companies hesitated to hire due to tariff concerns, demand in the labor market remained strong.

Chris Zaccarelli, Chief Investment Officer (CIO) at Northlight Asset Management, commented, "Many people believed that tariff uncertainty was too much of a burden on companies, so the higher-than-expected job openings reported this morning are a good sign for the economy."

The main focus for the market shifted to tariff negotiations between the U.S. and partners such as China and the European Union (EU). In particular, attention is on whether the scheduled call between the U.S. and Chinese leaders this week will lead to progress in the stalled trade talks between the two countries. Previously, President Trump stated on May 30 that he would speak with President Xi, criticizing China for violating a trade agreement signed earlier in Geneva. In response, the Chinese Ministry of Commerce asserted that it was the U.S. that breached the agreement and declared, "We will take firm and strong measures to protect our legitimate rights and interests."

Dan Ives, an analyst at Wedbush Securities, noted, "The market sees the scheduled call between President Trump and President Xi this week as a positive signal for U.S.-China relations," adding, "Nvidia, which is affected by U.S. export controls to China, is expected to be a key beneficiary of any deal between the two countries."

The outcome of trade negotiations between the U.S. and the EU is also drawing attention. The EU is demanding that President Trump withdraw his announced plan to impose a 50% tariff on steel. Regarding the plan to double steel tariffs from the current 25% to 50%, the EU stated that it would "undermine" ongoing trade negotiations with the U.S. and that it is "ready to take countermeasures." At the same time, the EU sent a negotiating team to the U.S. on this day to seek common ground. Maros Sefcovic, the EU Commissioner for Trade and Economic Security, will also meet with Jamison Greer, the U.S. Trade Representative (USTR), who is visiting Paris, France for an OECD meeting.

On the other hand, concerns about a slowdown in growth due to tariff policies persist. The OECD lowered its forecast for U.S. economic growth this year to 1.6%, down 0.6 percentage points from the previous 2.2%. Alvaro Pereira, Chief Economist at the OECD, warned, "Countries need to quickly reach agreements to lower trade barriers. Otherwise, the impact on economic growth will be significant and will affect everyone."

U.S. Treasury yields remained steady. The yield on the benchmark 10-year U.S. Treasury note stood at 4.45%, while the yield on the 2-year note, which is sensitive to monetary policy, was at 3.95%, both unchanged from the previous day.