CNBC Daily Open: Nvidia pushes past $3 trillion

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe  here .

Nvidia powers S&P 500 to record
The S&P 500 rose to a record after Nvidia crossed through the $3 trillion barrier for the first time and softer-than-expected jobs data raised hopes for an interest rate cut. The Nasdaq Composite also set a record, climbing almost 2%, with technology stocks Hewlett Packard Enterprises and CrowdStrike soaring on better-than-expected sales and earnings, respectively. The Dow Jones Industrial Average lagged behind, adding just under 100 points. The yield on the 10-year Treasury slipped, while U.S. oil prices rose from four-month lows.

Nvidia passes Apple
Artificial intelligence chipmaker Nvidia surpassed the $3 trillion market capitalization mark, pushing past Apple to become the second most valuable company behind Microsoft. Nvidia's shares have risen 24% since its blockbuster earnings report in May, while Apple's shares are up only 5% this year as sales growth stalled in recent months.

Baron backs Musk's pay deal
Billionaire investor Ron Baron has publicly defended Elon Musk's controversial $56 billion Tesla pay package. The Baron Capital chairman and CEO argues the package, tied to "aggressive" performance targets, is justified as without Musk "there would be no Tesla." Baron previously revealed that his firm has made about 20 times its investment in Tesla since he first bought the stock in 2014. The package, previously voided by a Delaware judge, will face a shareholder vote on June 13.

Elliott retakes SoftBank stake
Elliott Management, an activist investor, has