Investors celebrated signs that global interest rates are finally headed lower by pushing the S&P 500 and Nasdaq to record highs, and by elevating US chipmaker Nvidia into the $US3 trillion ($4.5 trillion) club, alongside Apple and Microsoft.

There was widespread jubilation in markets after the Bank of Canada became the first Group of Seven central bank to loosen monetary policy in the current interest rate cycle. The Canadian central bank trimmed its official interest rate to 4.75 per cent from 5 per cent, its first interest rate cut in four years.