The New York stock market continued its record-breaking run on July 3.
The Dow Jones Industrial Average, composed of 30 large-cap stocks, closed nearly flat. On the contrary, the tech-heavy S&P 500 and Nasdaq both hit all-time highs once again.
With Independence Day just around the corner, the market closed three hours early at 1 PM EST, as investors hurried to buy promising stocks before heading off on vacation.
Tesla, which soared 10% the previous day, jumped another 6.5%, while Nvidia rebounded from recent weakness with a 4.6% surge.
Expectations for a Federal Reserve interest rate cut in September were bolstered by an ADP announcement that U.S. private sector employment in June fell short of expectations by 10,000, coming in at 150,000.
As a result, the tech-heavy S&P 500 and Nasdaq continued their record-breaking streaks.
The S&P 500 rose 28.01 points (0.51%) to 5537.02, and the Nasdaq jumped 159.54 points (0.88%) to 18,188.30.
The S&P 500 broke the 5500 level for the first time the day before and set a new all-time high in just nine trading days, closing at a record high for the second consecutive day.
The Nasdaq continued its record-breaking run for the third day this month.
Conversely, the Dow closed slightly lower due to a 1.2% drop in Amazon, a 0.9% drop in IBM, and a 1.5% drop in pharmaceutical company Merck.
The Dow closed nearly flat, down 23.85 points (0.06%) at 39,308.00.
Tesla and Nvidia performed strongly on the day.
Nvidia, which had declined 1.3% the previous day, surged 4.6% gaining $5.61 (4.57%) to close at $128.28.
Tesla soared 10% the previous day on better-than-expected quarterly delivery results, jumping another 6.5%. The surge continued after Wedbush Securities analyst Dan Ives raised his price target from $275 to $300. Tesla closed up $15.13 (6.54%) at $246.39, marking a 24.5% increase just this week.
All of the remaining M7 stocks rose, except for Amazon.
Microsoft Corporation(MS) rose $1.49 (0.32%) to $460.77, and Apple closed up $1.28 (0.58%) at $221.55.
Alphabet jumped $0.58 (0.31%) to $185.82, and Meta rose $0.46 (0.09%) to $509.96.
On the other hand, Amazon slipped $2.41 (1.21%) to $197.59.
