Trading results for 3 June 2025
The previous day we noted that the market’s direction remained unclear. A simple observation, perhaps – one now echoed not only by investors and analysts, but also by members of the U.S. Federal Reserve. This was highlighted on Monday by Fed Governor Lisa Cook, who stated that although the American economy remains “on solid footing”, the level of uncertainty has grown notably since the beginning of the year, partly due to recent changes in trade policy.
“I do not express views on the Administration's policies,” Cook said. “But I do study the economic implications, which appear to be increasing the likelihood of both higher inflation and labor-market cooling.”
It was against this backdrop that Tuesday’s trading session unfolded. Once again, market participants showed that despite the ongoing stream of negative news, they remain broadly optimistic and willing to buy.
The main trading session opened on a neutral note, with the market starting close to flat. Sentiment quickly improved thanks to stronger-than-expected macroeconomic data: U.S. JOLTS job openings rose to 7.391 million, ahead of the forecast 7.2 million. This gave the market a boost that lasted most of the day – prices moved higher and indexes turned positive, rising up to 1% at their peak.
Some profit-taking emerged in the second half of the session, but the morning’s bullish momentum proved strong enough to keep markets in positive territory. By the close, all major U.S. indexes were firmly in the green and ended the day above expectations. The Dow Jones Industrial Average (DJIA-30) rose by 0.51%, the broader S&P 500 gained 0.58%, and the tech-heavy NASDAQ Composite led with an increase of 0.81%.
NASDAQ’s gains were fuelled by strong demand for semiconductor stocks. Shares of Advanced Micro Devices, Nvidia and Broadcom rose by 2-3%, while ON Semiconductor (ON) surged by 11.35%. The rally followed comments by CEO Hassane El-Khoury at a Bank of America tech conference, where he noted signs of recovery in the industrial segment – the company’s second-largest market – and suggested that the automotive sector may reach its bottom as early as the second quarter. ON Semiconductor shares, as well as Bank of America and many others, are actively traded by Kazakhstani investors on the ITS platform.
Another strong performer was discount retail chain Dollar General (DG, +15.85%). Its shares soared after the company released upbeat quarterly results before the session opened, exceeding expectations on revenue and profit, and raising its full-year guidance. Dollar General also said it expects to offset the majority of cost pressures caused by tariffs, though it acknowledged continued uncertainty around their impact on consumer behaviour.
The ITS index family once again delivered solid results. Among U.S.-focused indexes, the ITS Shariah Index (ITSS) led with a daily gain of 1.02%. The ITS World Index, which tracks global companies, rose by a more modest 0.41%. This slower pace is understandable – the index is now less than 1% away from its historical high.
Top performers in the ITSW portfolio included China’s EV manufacturer Li Auto (LI, +6.07%) and Swiss banking group UBS (UBS, +4.78%). Despite these strong gains, the index was held back by underperformers such as Alphabet (GOOGL, -1.69%) and India’s ICICI Bank (IBN, -1.67%). Google shares remain under pressure amid ongoing antitrust proceedings.
Even so, the day ended with more positive than negative signals – and this was clearly reflected in the performance of the indexes. The ITSW Index is now less than 1% away from a new all-time high. The S&P 500 is also within reach of its record, needing to overcome a key psychological barrier at the 6,000-point level. Should it succeed, a move towards fresh historical highs may well follow.