As of press time, NASDAQ rose 0.75%, S&P 500 rose 0.36%, and Dow Jones rose slightly by 0.02%.

Job vacancies and labor mobility data released on Tuesday morning showed that job vacancies in April were 8.059 million, the lowest level in more than three years. This is also far lower than the 8.4 million economists surveyed by Dow Jones. This data increased investors' likelihoods of the Fed easing.

Data released on Wednesday shows that US companies added fewer jobs than expected in May, consistent with the recent trend of a cooling labor market.

ADP Research Institute, a private employment agency affiliated to ADP, and Stanford$SZSE Digital Economy Index (399262.SZ)$Data jointly released by the laboratory on Wednesday showed that the private sector employment in the United States increased by 152,000 in May. The median estimate of surveyed economists was an increase of 175,000.

Economists surveyed by Dow Jones had previously forecasted that the data would increase by 175,000.

Market speculation of an economic slowdown will give the Fed room to lower interest rates in the latter part of this year. Traders in the federal funds futures market bet that the Fed will cut interest rates by about 50 basis points before the end of the year.

After data showed a slowdown in US inflation and weakness in the job market, traders are pricing in a greater likelihood of the Fed cutting rates as soon as November. Some government bond yields have seen the biggest declines so far this year, which may help speculative assets such as cryptocurrencies.

Former US Treasury Secretary Summers said he believes that long-term interest rates in the US will rise over time. He also pointed out, as he has in the past, that neutral short-term rates—the rates that neither stimulate nor inhibit economic growth—are around 4.5%, much higher than the Fed policy makers' estimated median of 2.6%, which may mean that the Fed's interest rate cuts are lower than currently expected.

Summers said: 'In the foreseeable future, the market should get used to the current range of rates, and may also get used to long-term rates that are higher than current levels.'

Overseas data on Wednesday showed that the pace of business activity in the eurozone in May recorded the fastest growth in a year, and growth in services exceeded the contraction in manufacturing.

Although the path of policy after this week's rate cut is not yet clear, the ECB's initiation of an easing cycle before the Fed, along with improving European profit prospects, could help the Stoxx 600 index continue its record-breaking momentum this year.

Focus stocks

Star tech stocks rose across the board, ASML Holdings rose more than 7%, Meta and Super Micro Computer rose more than 2%, and Nvidia rose nearly 2% to a new high.

Most popular Chinese concept stocks rose, Taiwan Semiconductor rose nearly 6%, NetEase rose more than 3%, JD.com and Xiaopeng rose more than 2%.

$NVIDIA (NVDA.US)$Rose nearly 2%, with stock prices hitting new all-time highs, with a total market value of $2.92 trillion. Blackwell, its strongest performing AI chip product line, has been fully put into production.

$Apple (AAPL.US)$Rose 0.51%, with a total market value returning to $3 trillion. Apple's global developer conference will open next week.

$ASML Holding (ASML.US)$Rose nearly 7%, the High-NA EUV Photolithography Laboratory jointly operated with the Belgian Microelectronics Research Center has been put into operation, and High NA EUV is expected to achieve mass production by 2025-2026.

$Taiwan Semiconductor (TSM.US)$Rose nearly 6%, the company's chairman said he may raise the price to Nvidia.

$WalkMe (WKME.US)$Rose sharply by 42%, and enterprise software giant SAP agreed to acquire data analytics service provider Walkme in cash at a price of $14 per share.

$NetEase (NTES.US)$With a rise of over 3%, Blizzard's Chinese game service website has officially launched, and players can log in with their account and password.

Editor/Emily