On the evening of March 8th Beijing time, the US stock market opened with mixed gains and losses. The Dow Jones Industrial Average fell 0.06%, the Nasdaq rose 0.30%, and the S&P 500 index rose 0.12%. As of the time of publication, the Dow Jones Industrial Average rose 0.01%, the Nasdaq rose 0.38%, and the S&P 500 index rose 0.20%
Nvidia rose over 3%, with its stock price reaching a new historical high and a total market value of nearly $2.4 trillion, approaching Apple Inc. TSMC rose over 3%, with a combined revenue of approximately NT $181.65 billion in February, an increase of 11.3% compared to the same period last year.
Novo Nordisk's US stock market opened down 1.6%, with reports stating that Smegglutide will be approved for weight loss in China within the year. Lilly opened down 0.8% as the US FDA delayed approval of its Alzheimer's drug. Among the popular Chinese concept stocks, Ideal Automobile rose 2.6% at the opening, Baidu rose about 1%, and NIO rose about 1.2%.
Amazon fell 0.33%, Apple rose 0.39%, Microsoft fell 0.48%, Google rose 1.15%, Meta rose 1.08%, and Tesla rose 1.15%.
More than expected 275000 new non farm payroll jobs were added in February in the United States
The growth rate of non farm payroll in the United States in February was higher than expected, and the unemployment rate rebounded to 3.9%.
On Friday, March 8th, the US Bureau of Labor Statistics released data showing that the non farm payroll in the United States increased by 275000 in February, once again exceeding expectations of 200000, higher than the average monthly increase of 230000 in the past 12 months.
The government's survey of enterprises shows that the employment growth in February was mainly concentrated in the service industry, including healthcare, leisure and hotel industries, as well as government departments.
The number of new non-agricultural employment in December decreased from 333000 to 290000; The number of employed people in January has significantly decreased from the previous 353000 to 229000. After these corrections, the total number of non-agricultural employed people in the first two months has decreased by 167000.
It is worth mentioning that total wages and wage data come from surveys of businesses and other employers, while unemployment data comes from another smaller household survey.
After the release of the non farm payroll report, traders still believe that the Federal Reserve will start cutting interest rates in June, with a probability of about 30% starting in May. At the same time, it is expected that the Federal Reserve will further cut interest rates in 2024.
Nvidia rose by over 3%, with its market value approaching that of Apple
On March 8th, Beijing time, the US stock market opened, and Nvidia's stock price surged. As of the time of publication, it rose 3.05%, reaching a new historical high with a total market value of nearly 2.4 trillion US dollars, an increase of approximately 70.775 billion US dollars (approximately 508.341 billion yuan), approaching Apple Inc.

It is worth noting that a few days ago, Nvidia just achieved a new milestone. After surpassing giants such as Google's parent company Alphabet and Amazon in market value, the company has surpassed Saudi Aramco and become the third largest company in the world, second only to the two major technology giants Microsoft and Apple.
In 2023, under the wave of AI, Nvidia experienced a cumulative surge of about 240% throughout the year, but this trend has not yet stopped. In just over two months in 2024, Nvidia achieved a staggering increase of approximately 70%, with a market value increase of approximately $880 billion.
Nvidia's explosive growth in performance once again confirms Wall Street's optimistic attitude towards the potential of artificial intelligence to reshape the technology industry, leading to a surge in the company's stock price. Last month, Nvidia's financial report showed that the company's fourth quarter revenue, profit, and first quarter guidance exceeded expectations. Nvidia's revenue and profit have set historical records for three consecutive quarters, with a revenue growth of 126% for the entire fiscal year 2024. Nvidia's largest revenue source is the data center department, with revenue reaching $18.4 billion in the fourth quarter, a year-on-year surge of 409%.
According to Shanghai Securities News, Jerry Chen, a senior analyst at Jiasheng Group, said that the training and inference of AI large models, data processing by cloud service providers, and even the commercial needs of various industries all require huge computing power support, which directly leads to the demand for AI chips. Nvidia has long been the leader in this field, with a market share of about 80% to 90%. The three giants of cloud computing (Amazon's AWS, Microsoft's Azure, Google Cloud) and numerous science and technology innovation companies are rushing to purchase Nvidia chips at no cost to meet the computing power needs of the AI era, and they are also Nvidia's largest customers.
Jerry Chen believes that in the early stages of the AI revolution, Nvidia completed its upgrade from a "GPU supplier" to a "leader in the field of artificial intelligence," which to some extent rationalized its stock price performance.