The S&P 500 Index ($SPX) (SPY) on Tuesday closed up +0.13%, the Dow Jones Industrial Average ($DOWI) (DIA) closed up +0.45%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.48%. June E-mini S&P futures (ESM26) rose +0.14%, and June E-mini Nasdaq futures (NQM26) rose +0.48%.
Stock indexes recovered from early losses on Tuesday and settled higher, with the S&P 500, the Dow Jones industrials, and the Nasdaq 100 posting new all-time highs. Ramped-up AI spending continues to support technology stocks. Marvell Technology soared by more than 32% after Nvidia CEO Huang predicted the company would be the next to hit a $1 trillion valuation, more than five times its current market capitalization. Also, Hewlett Packard Enterprise surged by more than 19% after giving an outlook for annual sales that topped estimates, citing massive growth in AI-fueled demand for its servers and networking. Also, signs of strength in the US labor market pushed stocks higher on Tuesday after Apr JOLTS job openings unexpectedly rose to a 23-month high.
