The S&P 500 reached a significant milestone on Tuesday, closing above 7,600 for the first time, marking its ninth day of gains. This extended winning streak is the longest since May and reflects a 20% rebound from March’s lows. Similarly, the Nasdaq Composite rose by 0.03%, its ninth consecutive positive day, while the Dow Industrials added nearly 230 points, representing its eighth gain in nine sessions. All three major indexes concluded the day at record highs.
As investors look ahead, a key focus will be the upcoming employment data from ADP, set to be released before the market opens on Wednesday. Economists predict a gain of 110,000 jobs for May, slightly up from 109,000 in April. This data will be pivotal for understanding potential moves by the Federal Reserve, particularly as expectations for a rate hike grow. Interestingly, the yield on the benchmark 10-year Treasury note has retreated from recent highs, currently trading around 4.45%.
The earnings season continues to unfold, with Macy’s set to report before the bell on Wednesday. The retail giant is facing a challenging year, with shares down about 2% so far, although they have gained 15% since the last earnings report. Meanwhile, Broadcom has hit a record high ahead of its own earnings release, with shares up 51% over the last three months and 93% year to date, despite lagging behind the broader semiconductor sector.
CrowdStrike’s stock is also in the spotlight, having reached a record high earlier in the week before experiencing some volatility on Tuesday. Shares have nearly doubled over the past three months.
In tech earnings, HPE shares surged by 19.5% on Tuesday, marking their largest one-day gain since the company’s spin-off from Hewlett-Packard in 2015. The surge followed a strong earnings report driven by AI-related demand. Additionally, Palo Alto Networks reported earnings that exceeded analysts’ expectations, boosting shares by 61% in 2026 prior to the announcement.
Apple’s stock recaptured its upward momentum, closing at a record high and potentially on track for its 11th consecutive weekly gain, the longest since 2004. Year to date, Apple is up approximately 16%. In contrast, Microsoft experienced its most significant drop since February after unveiling a new AI coding model at its annual Build developers’ conference. Despite its setbacks, the company’s stock remains influential in the broader tech landscape.
On the streaming front, Netflix fell 3% on Tuesday, marking its seventh consecutive day of losses—its longest losing streak since November 2022—and down 38% from its all-time high in June 2022.
Regulators in the U.S. are accelerating efforts to restart Pennsylvania’s Three Mile Island nuclear power plant, which will support Microsoft’s data centers in the area. This development contributed to gains in nuclear and uranium stocks, with notable increases for Uranium Energy Corp and Cameco.
In the cryptocurrency market, Bitcoin dipped below the $70,000 mark, reaching its lowest level since early April, while Ethereum fell below $2,000, its lowest since late February. Stocks linked to the crypto sector faced declines as well, with Robinhood losing almost 3% and Coinbase dropping nearly 5%.
As the sports world anticipates the commencement of the NBA Finals on Wednesday night, ticket prices for the Game 1 showdown between the Knicks and Spurs have soared, averaging around $1,865. This price is comparable to buying shares in MSG Sports, the parent company of the Knicks. MSGS has experienced a notable rise, with shares up 48% this year and an increase of about 15% since the Knicks’ playoff run began.
