Photo/VCG

In a historic milestone, the U.S. stock market has seen five companies reach a valuation of over $2 trillion. Driven by significant gains from Tesla and Amazon, the major indices ended the day in positive territory despite early fluctuations. Investors remain cautious ahead of the upcoming presidential debate and the release of key inflation data.

The S&P 500, Dow Jones, and Nasdaq all experienced a rollercoaster ride, with tech giants like Amazon and Tesla leading the charge. Amazon's stock price hit a record high. For the first time, Amazon has reached the $2 trillion mark, joining Google, Nvidia, Microsoft, and Apple, each with a valuation exceeding $3 trillion.

Meanwhile, the market is closely watching the Federal Reserve's preferred inflation indicator, the Personal Consumption Expenditures Price Index (PCE), set to be released on Friday. The Fed anticipates a single rate cut in December, but investors are speculating a 56.3% chance of a 25 basis point cut in September and two cuts by year-end.

In other corporate news, Micron Technology reported better-than-expected adjusted revenue for its third fiscal quarter but provided disappointing guidance for the fourth quarter. Nvidia's CEO, Jensen Huang, showcased confidence in the company's product value during the shareholder meeting, while YouTube is reportedly in talks with record labels to legally train its AI song generator, with plans to launch new tools this year.

The automotive sector saw recalls with Ford announcing a global recall of 668,000 F-150 pickups due to transmission defects, and in the tech industry, BlackBerry reported first-quarter revenue that exceeded analyst expectations.