The U.S. stock market showed no signs of slowing down this week as the bull rally continued, breaking new records. Both the S&P 500 and the Nasdaq 100 indices reached all-time highs, fueled by optimism and strong investor sentiment.

One of the driving forces behind the market surge was the technology sector, particularly the chipmaker industry. The iShares Semiconductor ETF SOXX saw substantial gains, reflecting investor confidence in the growth potential of artificial intelligence. Notably, Nvidia Corp.'s market valuation briefly surpassed Apple Inc. to become the second most valuable U.S. company, reaching an impressive $3 trillion. However, the stock experienced a slight pullback by the end of the week.

Global easing conditions were also in focus, as both the European Central Bank (ECB) and the Bank of Canada cut interest rates by 25 basis points. These rate cuts raised expectations for a similar move by the Federal Reserve, signifying a shift towards accommodative monetary policies worldwide.

However, Friday's May jobs report was hotter than expected, revealing tighter labor market conditions in the US. This development dampened market expectations for imminent rate cuts by the Federal Reserve. As a result, investors adjusted their outlook, reducing the likelihood of two rate cuts by the end of the year. The probability of a rate cut in September decreased from 70% to 54% after the release of the jobs data.

In other news, Cathie Wood, CEO of Ark Invest, reiterated her bullish stance on artificial intelligence investments, despite selling off Nvidia stock. Wood expressed her unwavering belief in the long-term growth potential of the AI sector. Meanwhile, brokerage firm Robinhood Markets Inc. witnessed a surge in its stock price after acquiring Bitstamp, demonstrating investors' confidence in the company's strategic expansion into the cryptocurrency market.

Big players in the financial industry are also making headlines as reports emerged that Wall Street's largest fund managers, including BlackRock Inc. and Citadel Securities, are planning to challenge the dominance of the New York Stock Exchange and Nasdaq. They aim to establish a new national stock exchange in Texas, known as the "Texas Stock Exchange." The venture has reportedly secured $120 million in funding from individuals and major investment firms.

Overall, this week in the market showcased continued highs for stocks, as well as rate cuts by central banks, signaling global easing conditions. However, the hotter-than-expected jobs report tempered expectations for future rate cuts by the Federal Reserve. Investors remained optimistic about the growth potential of the tech sector, particularly artificial intelligence, while major players in the finance industry explored new market opportunities.