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Weekly Business News [June 8 Edition]

Earlier this year, India’s stock market ascended to become the world’s fourth-largest, only to experience a turbulent plunge following an unexpected election outcome. The Bharatiya Janata Party, led by Prime Minister Narendra Modi, lost its majority, sending shockwaves through the financial sector. Initially buoyed by favorable exit polls predicting a landslide victory for the BJP, the market surged to record highs but then plummeted once the results were announced. Although it recovered slightly the next day, the uncertainty affected investor confidence.

On Wednesday, AI powerhouse Nvidia saw its shares surge by 5.2%, boosting its market capitalization to $3.02 trillion. Nvidia has now surpassed Apple to become the world’s second-largest company, behind Microsoft, which holds a market capitalization of $3.15 trillion. Due to the significant rise in its share price in recent years, the chipmaker is implementing a ten-for-one stock split to facilitate easier trading for smaller investors.

The U.S. economy added significantly more jobs than expected in May, with nonfarm payrolls increasing by 272,000, far exceeding the forecast of 180,000. Despite the unemployment rate edging up to 4.0%, this strong job growth suggests that the Federal Reserve will likely delay cutting interest rates.