The S&P 500 gained for the ninth straight session on Tuesday, June 2, marking its longest winning run since 1995 according to CNBC TV18. The benchmark index ended above the 7,600 mark for the first time, with the Dow Jones overturning losses of nearly 200 points in initial trade to close with gains of 230 points and above the 51,000 mark. The Nasdaq saw a rangebound trading session but managed a close above the flat line, continuing the extraordinary momentum that has seen the index rally by more than 30% since bottoming towards the end of March. This historic performance reflects the extraordinary appetite for large-cap growth stocks despite ongoing Middle East tensions and valuation concerns, with the rally pushing major US indices closer to fresh records.
Tribhovandas Bhimji Zaveri gained 14.49 percent to ₹163.34, trading above its 30-day SMA of ₹142.67, 50-day SMA of ₹137.61, and 150-day SMA of ₹157.23, indicating strong short- to medium-term momentum. As reported by Moneycontrol, Ind-Swift Laboratories surged 12.66 percent to ₹154.97, comfortably trading above all its major moving averages, reflecting strong bullish sentiment and sustained buying interest across short-, medium-, and long-term time frames. Vigor Plast India climbed 12.39 percent to ₹65.40, trading above its 30-day SMA of ₹58.19 and 50-day SMA of ₹55.06, indicating near-term strength. From a technical perspective, the Nasdaq 100 remains in a remarkably strong uptrend with initial support seen near the psychologically important 3,000 mark.
Dell Technologies surged 33% after reporting profits that exceeded market expectations and raising its outlook on the back of strong demand for AI computing. The technology sector led Friday's gains as investors responded positively to the company's strong AI-related performance. Nokia (NOK) shares surged to over a twenty-seven-year high of $16.63 on Tuesday, after investors reassessed the telecom equipment maker's role in high-speed AI data infrastructure. The company has expanded its AI and cloud networking business while strengthening its optical networking capabilities through its acquisition of Infinera last year. Strong Q1 results, rising AI and cloud revenue, new partnerships with AMD and Super Micro last week, and FCC approval for its broadband products have boosted investor confidence. Micron Technology (MU) climbed to a record high of $916.76, topping $1 trillion in market cap for the first time, as demand for advanced AI memory chips remained elevated. Investors focused on the company's HBM3E and HBM4 memory products, which are widely used in AI accelerators and high-performance computing systems.
According to Moneycontrol reports, notable gainers that hit fresh 52-week highs included Elgi Equipments, Wockhardt, Triveni Turbine, Siemens Energy, Ather Energy, Adani Total Gas, Zydus Life, JSW Energy, Vodafone Idea, Granules India, Kirloskar Oil, Adani Green, Polycab, Laurus Labs, Cummins, Adani Power, Hindalco, and Adani Energy. This broad set of stocks scaling fresh 52-week highs underscores resilient underlying demand despite the absence of major news catalysts, indicating strong market participation across various sectors. So far this year, MU stock has surged over 213%, while NOK and BB stocks have gained 154% and 122%, respectively, highlighting the strong performance of AI infrastructure companies. In Asia, Samsung Electronics supported gains in the Kospi after confirming it had started supplying samples of its latest high-bandwidth memory chips to global clients, reinforcing optimism surrounding AI-driven semiconductor demand.
The S&P 500 rose 0.4% in morning trade on Friday, building on six consecutive gains and putting the benchmark index on track for a ninth straight weekly advance, its longest winning streak since 2023. As reported by AP, the Dow Jones Industrial Average gained 182 points, or 0.4%, while the Nasdaq Composite advanced 0.6%. Technology stocks led the gains, with Dell Technologies surging 33% after reporting profits that exceeded market expectations and raising its outlook on the back of strong demand for AI computing. The rally has pushed major US indices closer to fresh records and positioned them to end May with solid gains despite concerns over the US-Iran conflict and its impact on inflation. Investor sentiment was supported by reports that the United States and Iran are working towards an agreement to extend the current ceasefire arrangement, helping ease pressure on energy markets. Markets in Europe and Asia also traded mostly higher, reinforcing the global nature of the AI-driven rally.
