The S&P 500 (^GSPC) climbs above 5,530 while the Nasdaq Composite (^IXIC) surges by 156 points in the shortened trading day ahead of the July 4th holiday; both indexes set new record highs.

Market Domination Overtime's Seana Smith recaps the day's market performances and Nvidia's (NVDA) intraday gains, joined by Jared Blikre who examines the tech-heavy Nasdaq 100 (^NDX) and Chinese stock components of the Nasdaq Golden Dragon index (^HXC).

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Luke Carberry Mogan.

Video Transcript

And that's the closing bell on Wall Street on the short end, trading day and time now for market domination.

Over time, let's see where the major averages ended up here for the day.

We've got Jared Blicker also standing by with a closer look at some of the movement that we have been seeing, but another record setting day here on the street.

We've got the NASDAQ closing up just around 9/10 of a percent, taking a look at the S and P 500.

That's also at another record here, closing up about a half of a percent.

We also take a look at some strength, even within the Russell 2000, closing up just about nearly 2/10 of a percent here to the upside.

Take a look at some of that sector action.

Why we're seeing some gains, at least here for the S and P and the NASDAQ, and some of that having to do with NVIDIA.

When you think about the biggest contributor here, at least to the S and PS gains, you look at NVIDIA closing just around 4.5% when you take a look at that three day charts and the momentum that we have seen for NVIDIA and I. I guess too much of a different of a picture here as you take a look at what has certainly been a volatile couple of trading days here for NVIDIA over the last several days, but again closing up just above 100 and 28 bucks a share on a sector basis.

Still looking at a bit of a mixed picture Jared over to you.

Yes, and I'll note that XL K was the only sector that's tech sector that closed at a record high.

And also we've been seeing some strength here today in materials and also consumer discretionary.

And I would remind people that consumer discretionary just had a big breakout yesterday.

The two biggest components, Tesla and Amazon and Amazon closed down today, down about 1.2%.

But I want to take a look at Tesla up 6.5% over these last three days, up basically 25%.

That is a huge gain.

And when you take a look at the longer term picture, you can see well, you know, it still hasn't climbed all the way up to the mid point quite yet of this very extended trading range over the last five years.

But it's quickly getting there, I think some place around 2, 60 or so, probably due for a pause, if not a little bit before.

But let's also take a look at some of the other leaders that we've seen emerge today.

It was a great day for chip stocks.

Also, solar bouncing back cannabis stocks, Chinese stocks, disruption.

So that would be unprofitable tech.

And let's just dig into a couple of those.

Here are the art components, boosted mainly by Tesla, but we're also seeing some green by beam therapeutics, up 5%.

China, I mentioned, was also in the green today.

Here we got T com.

That's trip.com up 4%.

Alibaba up 2.5 Baidu up and a half percent.

So another area that's been under pressure kind of bouncing back.

But all in all, I just bring it to the fact that July the 1st 10 trading days of July, the most bullish of the year, when you take into consideration the beginning of a month or an end of a month, so especially going into this holiday shortened week.

Not a lot of surprise to see the Bulls in charge here.

We'll have to see what comes Friday, which is kind of an odd day for us, with the employment situation report falling after this market holiday.