Nasdaq 100, Dow Jones, S&P 500 News: Tech and Semiconductor Stocks Propel Gains

Nasdaq 100, Dow Jones, S&P 500 News: Tech and Semiconductor Stocks Propel Gains

Semiconductor Sector Boost

Other semiconductor stocks also performed well. Marvell Technology and Advanced Micro Devices saw gains of 2.3% and 4.5%, respectively. The S&P 500 Technology index hit a record high, driven by a 5.7% increase in Accenture’s stock after the IT services provider forecasted annual revenue growth above estimates.

New claims for unemployment benefits fell last week, indicating a resilient job market despite some cooling. However, single-family homebuilding in the U.S. decreased in May due to high mortgage rates. Paul Nolte, senior wealth advisor and market strategist at Murphy & Sylvest, noted that while housing data was mixed, it did not significantly impact the financial markets.

Minneapolis Fed President Neel Kashkari stated that achieving the 2% inflation target might take one to two years, suggesting rates could remain high longer than anticipated. Current money market data shows a 58% chance of a 25-basis point rate cut by the U.S. Federal Reserve in September.

Market Movers and Regulatory Updates

Hewlett Packard Enterprise shares rose 2.2% amid an investigation by Britain’s competition regulator into its planned $14 billion acquisition of Juniper Networks, examining potential competition concerns. Meanwhile, Trump Media & Technology Group plummeted 14.1% due to potential equity dilution following the SEC’s approval of a resale filing, providing the company with approximately $247 million in proceeds.

Market Forecast

Given the robust performance of technology and semiconductor stocks, coupled with mixed economic data and cautious optimism about potential rate cuts, the short-term outlook for the S&P 500 appears bullish. Traders should watch for continued strength in tech and semiconductor sectors as well as upcoming economic indicators for further market direction.

Technical Analysis

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