S&P 500 Closes A New Record High And “Trump Stock” Experiences Foul Play?

Today's market was a whirlwind of excitement! We saw record highs, a tech titan surpassing Apple in a financial showdown, and some spicy drama brewing over at Truth Social. But fear not, we're not just here to deliver the news—we're here to inject a dose of humor into the mix. So grab your favorite snack and get ready to dive into the captivating world of today's market mayhem.

But first, take a look at today’s market heatmap.

Market Buzz: A Day of Record Highs and Tech Triumphs

Hold on to your coffee cups, folks, because the market blasted off today! The S&P 500 rocketed to a fresh record, with Nvidia leading the charge like a tech superhero. The index jumped 1.18%, closing at a dazzling 5,354.03, even teasing a new intraday high of 5,354.16. After a couple of weeks that felt like watching paint dry, the S&P 500 is now up a sparkling 12.3% for the year.

Over in Nasdaq land, the celebration was even bigger. The Nasdaq Composite leaped 1.96%, landing at an impressive 17,187.90, setting its own record. Nvidia was the star of the show, with shares jumping over 5% thanks to their shiny new chips, making Wall Street analysts swoon. One analyst even dared to dream Nvidia could hit $1,500 per share. Aim high, right?

Meanwhile, the Dow Jones, ever the responsible elder sibling, added 96.04 points, or 0.25%, to close at 38,807.33. Respectable, but let's be honest, tech stocks stole the spotlight today.

Here’s the plot twist: the labor market showed signs of a nap. Private payrolls added only 152,000 jobs last month, missing the forecasted 175,000. This little hiccup has investors dreaming that the Federal Reserve might just ease up on interest rates later this year. There’s now a 70% chance they’ll trim rates in September, according to the market’s crystal ball.

Tech stocks were on fire, with Hewlett Packard Enterprise shooting up over 10% and CrowdStrike rocketing about 12% on stellar earnings. Meta Platforms also basked in the glory, climbing 3.8%.

Despite the tech-fueled joyride, some investors are biting their nails over weak economic data that might hint at a broader slowdown. The next big drama? Friday’s jobs report. Economists are crossing their fingers for 190,000 new jobs in May, up from April’s 175,000.

So, there you have it: a day where the S&P 500 and Nasdaq danced to new highs, Nvidia stole the show, and everyone kept one eye on the Fed and the other on upcoming job numbers.

Trump’s Legal Troubles Cause Market Mayhem

Grab your popcorn, folks, because the Trump Media & Technology Group (TMTG) show is getting even juicier. Shares have been on a rollercoaster ride this past week, caught in the whirlwind of former President Donald Trump’s legal battles and accusations of market shenanigans.

Devin Nunes, TMTG’s CEO and former California congressman, has strapped on his superhero cape and is charging into battle like a Trumpian crusader. He’s fired off a letter to Nasdaq CEO Adena Friedman, demanding full cooperation in investigating “naked” short selling. For those not fluent in Wall Street jargon, that’s like trying to sell a bridge in Brooklyn – fishy business indeed!

But Nunes isn’t stopping there. Oh no, he’s pulling out all the stops and knocking on Congress's door, urging a full-blown investigation by the Financial Industry Regulatory Authority (FINRA) into some “severe” trading anomalies between April and June. And guess who’s in the hot seat? UBS, Citadel Securities, and Jane Street Capital are just a few of the big names getting the Nunes treatment.

In true Trump fashion, the DJT ticker has been putting on a show of its own since its grand debut. It started with a bang, hitting $75 per share in March. But lately, it’s been taking more hits than a Trump piñata at a Democrat birthday party. Following news of Trump’s conviction on 34 felony counts related to his New York hush-money trial, the stock plummeted faster than Trump’s approval ratings at a CNN poll.

Nunes isn’t just fighting for Wall Street justice; he’s fighting for the little guy – the 620,000 shareholders, most of whom are just regular Joes hoping to strike it rich. He’s on a mission to protect them from the market manipulators and swamp creatures lurking in the shadows of Wall Street.

And let’s not forget about Truth Social, Trump’s pet project after his Twitter exile. It’s been making waves, but TMTG reported a net loss of $327.6 million in Q1 2024, mostly due to merger expenses with Digital World Acquisition Corp. But fear not, Nunes assures us they’re still standing strong, like a Trump Tower in a sea of skyscrapers.

So there you have it – a Trump-sized drama filled with legal battles, financial intrigue, and enough twists and turns to make even the Apprentice blush. The witch hunt might be on, but Trump and his team are ready to play hardball. Stay tuned for the next episode in the saga of TMTG and DJT stock – because with Trump, you never know what’s coming next!

Stock Spikers of the Day

Mobile-health Network Solutions: [MNDR] [+46.92%]

Vigil Neuroscience, Inc.: [VIGL] [+34.66%]

Stocks.News does not own positions in any of the companies mentioned.