Stocks continued their longest win streak in over a year while oil prices ticked up.
The S&P 500 closed at a record high for the sixth straight trading session and gained for the ninth straight session, while the Nasdaq 100 posted its fourth closing high in a row. The Russell 2000 also gained, closing just shy of records.
Utilities was today’s best-performing sector while communications was the worst, dragged down by Alphabet, which had its largest one-day market cap loss ever.
Moving higher:
Marvell Technologysoared after Nvidia CEO Jensen Huang said it will be the “next trillion-dollar company.”Huang’s comments that demand for optics will continue to grow over the next 5 to 10 years lifted the entire optical networking sector, with
Lumentum,Applied Optoelectronics, andCoherentallrising.Broadcomclimbed afterAlphabetannounced an $80 billion equity raise, signaling continued massive AI infrastructure spending.HP Enterpriseskyrocketed after reportingstrong Q2 earnings and a full-year guidance boostafter the bell yesterday.Victoria’s Secretjumped after postingsurging sales and raising its full-year outlook.Tencentgained on a Financial Times report that it willlaunch an embedded AI agent in WeChat, China’s most used app.Bloom Energycontinued its retail investor-driven run-up after its CEO said the company hasno plans to issue more shares.Ethenaspiked after Coinbase Ventures posted about makingan open market purchase of ENA.
Moving lower:
Bitcoinfell below $68,000 as bitcoin ETFs hit arecord losing streakandStrategy’sbitcoin saledampened sentiment.Solanafell to amore than three-month low.Intuitfell after Goldman Sachs downgraded it to “sell” from “neutral” and cut its price target almost in half.Dollar Generaldipped despite beating estimates in its Q1 earnings per share andraising its full-year outlook; it did slightly miss on revenue.