Tech stocks power S&P 500 to longest rally since 1995, ending at another record high

Wall Street extended its rally on Tuesday, June 2, with the S&P 500 recording its longest winning streak since 1995, even as Alphabet weighed on the broader market after unveiling an $80 billion fundraising plan.

The Dow Jones erased early losses of nearly 200 points to close over 230 points higher above the 51,000 mark. The S&P 500 climbed past 7,600 for the first time, marking its ninth consecutive day of gains, while the Nasdaq ended marginally higher after a rangebound session.

Alphabet emerged as the lone drag on the market, with shares sliding 3.5% following news of its massive fundraising initiative, limiting gains in both the S&P 500 and Nasdaq.

Investor sentiment remained supported despite ongoing uncertainty surrounding the Iran conflict and crude oil prices holding above $95 per barrel. US President Donald Trump said discussions with Iran were progressing at a “rapid pace” and expressed confidence that a memorandum to end the conflict and reopen the Strait of Hormuz could be finalized as early as next week. He also dismissed reports of stalled negotiations as “fake news” in a Truth Social post.

Meanwhile, labor market data added to the positive mood. The Bureau of Labor Statistics reported that US job openings rose to 7.62 million in April, the highest level in nearly two years, significantly above estimates of 6.87 million. Layoffs also declined, with professional and business services accounting for most of the increase in openings.

Outside the geopolitical headlines, shares of Marvell Technology surged as much as 32% after Jensen Huang suggested the chipmaker could become Wall Street’s next trillion-dollar company.

On the downside, Bitcoin slipped below the $70,000 mark, pressuring crypto-linked stocks including Strategy Inc., whose shares fell another 9% during the session.