The Nasdaq Composite (^IXIC +1.52%) gained 1.52% to 26,213.72, and the S&P 500 (^GSPC +0.79%) rose 0.79% to 7,499.36 to close its strongest quarter since 2020. The Dow Jones Industrial Average (^DJI +0.26%) edged up 0.26% to 52,319.20, hitting a new all-time high and marking its best six months since 2021.
Gold prices slipped 0.09% to $4,035.30 as of U.S. market close, and the 10-Year Treasury yield gained 0.08% to 4.45%. The industrials and tech sectors climbed over 2%, while consumer defensive and healthcare stocks dropped.
Today’s biggest moves
Intel rose 6% as chipmakers and artificial intelligence (AI) stocks gained. Rocket Lab surged following an $8 billion acquisition of Iridium Communications. Concentrix tumbled more than 11% after yesterday’s quarterly profit missed expectations after the close.
What this means for investors
The technology sector has been volatile in recent months as investors question high capital expenditures on AI infrastructure and ask when these massive outlays will generate returns. Even so, the first half of the year has seen the strongest tech gains since 2023, with the State Street Technology Select Sector SPDR ETF gaining 31% in the past six months.
Analysts at Wells Fargo think stocks could rally further next month, not least because equities often perform well in July. In a recent note, the strategists highlighted a number of possible tailwinds, including improving sentiment, impetus from another strong earnings season, and possible delays in megacap IPOs of OpenAI and Anthropic.
More broadly, while equities may push to new highs this summer, the exuberance won’t last forever. Dramatic moves are rarely helpful in investing, but it is important to keep an eye on your risk exposure and ensure your holdings are not overly weighed to a handful of stocks.
Wells Fargo is an advertising partner of Motley Fool Money. Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intel and Rocket Lab. The Motley Fool has a disclosure policy.
