The S&P 500 rose 0.1% to a fresh record close Tuesday, logging its ninth consecutive day of gains — the benchmark index’s longest winning streak since early May 2025, according to The Wall Street Journal. The Dow Jones Industrial Average added 0.4%, or about 229 points, to its own all-time high, and the Nasdaq composite edged up less than 0.1%. All three indexes closed at records for the fifth consecutive session, a milestone the market last reached in February 2017.
New enthusiasm for artificial intelligence drove the rally. HPE shares climbed 19% after the server and networking company pulled its long-term financial targets forward by two years and delivered fiscal second-quarter earnings that exceeded analyst estimates, citing robust AI compute demand. Marvell Technology, a Santa Clara-based maker of data-infrastructure semiconductors, surged 33% to an all-time high after Nvidia CEO Jensen Huang appeared alongside Marvell CEO Matt Murphy at a trade show in Taipei and said the company could become the next $1 trillion technology firm. The broader semiconductor sector also rallied, with the PHLX Semiconductor Index jumping 5.9%. The chip index has now gained more than 90% from its 2026 low in March.
“It’s all about tech. It’s thankless to own the other sectors now,” said Jay Hatfield, chief executive officer and portfolio manager at Infrastructure Capital Advisors. “Everything that’s working is AI-related.”
AI company Anthropic filed for its initial public offering, the Journal reported. Meanwhile, Google parent Alphabet said it was looking to raise $80 billion through a stock sale to fund the build-out of AI infrastructure. Alphabet shares fell 3.9% on the announcement, though analysts noted that the stock’s strong performance — up more than 15% in 2026 — gives the company ample room to issue equity.
Outside the tech sector, shares of Victoria’s Secret soared nearly 50% to an all-time high after bra sales boosted the retailer’s revenue. The company said it will begin trading under a new ticker symbol, VSXY, as part of a push by CEO Hillary Super to rebrand the company.
Oil prices climbed for a second session, with Brent crude, the global benchmark, rising 1.1% to $96 a barrel. The S&P 500 energy sector rose 1% as war tensions in the Middle East continued to weigh on markets.
Shares of government-backed mortgage giants Fannie Mae and Freddie Mac fell after President Trump appointed Bill Pulte acting director of national intelligence. Pulte, the close Trump ally who oversees the Federal Housing Finance Agency, will remain FHFA director and chairman of Fannie and Freddie, the president said. Shares in both entities, which trade over the counter, have surged since Trump’s election on expectations of an eventual public offering.
The S&P 500 has climbed 3.5% over its nine-day streak, the Journal reported, with the rally concentrated in companies tied to the AI infrastructure build-out.