Wall Street closed the week with gains as expectations for interest rate cuts increased.

Tesla shares were the market’s focal point this week, recording a cumulative gain of 27% after releasing its second-quarter delivery figures on Tuesday.

All three major Wall Street indices closed with gains, buoyed by data that excited investors about the possibility of rate cuts. Positive labor figures led to a strong week, with Tesla erasing its losses for the year.

The Dow Jones Industrial Average, consisting of 30 large companies, advanced 0.17% to 39,375.87 points. The S&P 500 index rose 0.54% to 5,567.19 points, and the tech-heavy Nasdaq Composite increased 0.90% to 18,352.76 points.

The S&P 500 and the Nasdaq set new records, supported by the possibility that the Federal Reserve might cut rates in September following signs of economic slowdown. These expectations boosted the major tech firms.

Shares of Meta Platforms, Alphabet, Amazon, Microsoft, and Apple ended the week at new closing highs. All of these companies have posted double-digit gains in the first half of the year, driven by the rise of artificial intelligence.

Tesla shares were particularly notable, posting a 27% gain for the week (their best period since early 2023) after reporting better-than-expected second-quarter car delivery figures.

Sector-wise, communications (2.74%) and consumer staples (1.21%) led the gains. Within the Dow Jones, notable performers included Walmart (2.64%), Intel (2.53%), and Apple (2.16%). On the downside, Chevron (-1.53%) and JP Morgan (-1.33%) posted losses.