On Tuesday, the S&P 500 rose by 0.13%, achieving its ninth consecutive day of gains and closing above 7,600 for the first time. This marks a 20% increase from its March lows. The Nasdaq Composite also saw a slight gain of 0.03%, while the Dow Industrials added nearly 230 points, reflecting a broader positive trend across major indices, all of which closed at record highs.
Investors are closely monitoring upcoming employment data from ADP, with expectations of a 110,000 job gain for May, which could impact the Federal Reserve's interest rate decisions. In the tech sector, HPE shares surged 19.5% after exceeding earnings expectations, driven by strong demand for AI-related products.
Broadcom reached a record high, with a 51% increase over three months, although it has underperformed compared to the broader semiconductor sector. Meanwhile, Apple shares are on track for their 11th consecutive weekly gain, reflecting a 16% rise year-to-date.
Conversely, Netflix has faced a downturn, marking its longest losing streak since November 2022, with shares down 38% from their peak last June. Additionally, U.S. regulators are expediting the restart of the Three Mile Island nuclear plant, positively affecting nuclear and uranium stocks.
In the cryptocurrency market, Bitcoin fell below $70,000, its lowest since early April, contributing to declines in related stocks like Robinhood and Coinbase. Overall, the market's upward momentum is significant, but upcoming economic data and earnings reports will be crucial in determining future trends