US stocks resumed their growth with a focus on pro-cyclical positions

The American stock market has been steadily moving up since this morning and has not shown any desire to give up positions, despite the harsh statements of Elon Musk in the afternoon. He called the bill under discussion “bid beautiful bill” a “disgusting ugliness” that will lead to a sharp increase in the budget deficit.

However, market participants mostly ignored his words, focusing on optimism about economic growth and momentum support. The session started with some indecision and signs of consolidation, but around 10:00 a.m. ET, markets gained momentum following the release of the April JOLTS report, which showed an increase in the number of job openings. This was seen as a positive signal for the labor market, strengthening expectations for economic stability, despite the lowering of the OECD’s global GDP growth forecast for 2025 from 3.1% to 2.9%, a decrease in the forecast for the United States from 2.2% to 1.6%, as well as a weakening of the Chinese manufacturing PMI Caixin to 48.3, the lowest since 2022 of the year.

The information technology sector was the best industry of the day (+1.5%), led by NVIDIA shares (NVDA 141.40, +4.02, +2.9%) and other semiconductor companies. It was followed by the energy sector (+1.1%), the raw materials sector (+1.0%) and industry (+0.8%), reflecting the pronounced pro-cyclical nature of demand.

The Russell 2000 index gained 1.6% due to the growth of the banking and energy segments and outperformed other major indexes. However, the growth was broad-based: on the NYSE and Nasdaq, the number of rising stocks more than doubled the number of falling ones. As on the previous day, the growth occurred against a background of below-average trading volume.

Our American FTinvest 11 portfolio also showed excellent results today, taking off from the very beginning of the session, and managed to overcome the 750 mark by lunchtime. As a result, the index closed the day near daily highs, showing an increase of 1.47% to the level of 753.38.