🚀 Nasdaq hits 17,000

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. The Nasdaq Composite climbed above 17,000 for the first time ever on Tuesday, gaining 0.5% thanks to Nvidia's continued surge, which saw its shares rise by more than 6%. This upward momentum in the tech sector came on an otherwise flat trading day, with the S&P 500 hovering around break-even and the Dow falling 223 points, or 0.5%, dragged down by a 2% drop in Merck. The strong performance in May, driven by softer inflation data and robust quarterly earnings, has seen the Nasdaq rise over 8%, the S&P 500 over 5%, and the Dow around 3%. Minneapolis Federal Reserve President Neel Kashkari cautioned that more consistent data on easing inflation is needed before considering rate cuts. Looking ahead, investors are anticipating the April personal income and expenditures report, including the PCE inflation reading, due on Friday.

2. Semler Scientific, a medical technology company specializing in peripheral arterial disease detection products, saw its shares surge by 30% after announcing it had adopted Bitcoin as its primary treasury reserve asset. The company purchased 581 Bitcoins for approximately $40 million, signaling confidence in Bitcoin as a reliable store of value and an inflation hedge. Despite a year-to-date market cap decline of over 30%, Semler's stock responded positively to the news, mirroring the strategy employed by MicroStrategy, which has significantly benefited from its Bitcoin acquisitions. While continuing to focus on its core medical products, Semler plans to use its revenue and free cash flow to evaluate future excess cash investments. This move aligns with a broader, though cautious, trend of corporate Bitcoin adoption amidst regulatory and ESG concerns.

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4. Headlines

   1. Gambling stocks fell as Illinois proposed increased taxes on sport-betting, which could be replicated in other states.

   2. US stock markets switched to one day settlement for stock trades starting yesterday.

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