U.S. stocks pushed higher into the last session of the first half, with technology and semiconductor names extending Monday’s surge.
• AeroVironment stock is charging ahead with explosive momentum. What’s fueling AVAV momentum?
The tech-heavy Nasdaq 100 climbed 1.4%, well ahead of the S&P 500, which advanced 0.7% to build on Monday’s close of 7,440.43. The CBOE Volatility Index slid 5.2%, signaling a calmer tone as the war premium continued to fade.
The Dow Jones Industrial Average added 0.3%, holding above 52,300 points and nearing record highs at 52,661.
Gold edged up 0.3% to hold near $4,015 an ounce, with the SPDR Gold Shares (NYSE:GLD) firm as Treasury yields stayed range-bound.
The Technology Select Sector SPDR Fund (NYSE:XLK) led all 11 S&P 500 sectors with a 2.2% advance, powered by another leg higher in semiconductors. The VanEck Semiconductor ETF (NASDAQ:SMH) rallied as AI-equipment and connectivity names ran hot, up 3.5%.
The laggards were defensive and rate-sensitive groups. The Real Estate Select Sector SPDR Fund (NYSE:XLRE) fell 1.2%, the weakest sector, while the Health Care Select Sector SPDR Fund (NYSE:XLV) and consumer staples each slid about 1.0%
Tuesday’s Performance In Major U.S. Indices
| Index | Last | % Change |
|---|---|---|
| S&P 500 | 7,492 | +0.7% |
| Dow Jones | 52,340 | +0.3% |
| Nasdaq 100 | 24,720 | +1.4% |
| Russell 2000 | 2,345 | +0.4% |
According to the Benzinga Pro platform:
- The Vanguard S&P 500 ETF (NYSE:VOO) gained 0.7%.
- The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) rose 0.3%.
- The Invesco QQQ Trust (NASDAQ:QQQ) climbed 1.4%.
- The iShares Russell 2000 ETF (NYSE:IWM) advanced 0.4%.
Tuesday’s Stock Movers
Defense-technology leader AeroVironment Inc. (NASDAQ:AVAV) soared about 16% — the session’s standout gainer — after a blowout fiscal fourth quarter reported Monday evening. The drone maker posted revenue of $642 million, up 133% year-over-year and well ahead of the $559 million consensus, with adjusted EPS of $1.84, trouncing the $1.46 estimate, as full-year bookings hit $2.7 billion.
The semiconductor strength ran deep. Credo Technology Group Holding Ltd (NASDAQ:CRDO) jumped about 9%.
Chip-inspection specialist Onto Innovation Inc. (NYSE:ONTO) climbed roughly 9% on continued demand for its Dragonfly G5 metrology system and its new Rigaku partnership, while AI-interconnect peer Astera Labs Inc. (NASDAQ:ALAB) added about 6.69%.
Equipment maker Applied Materials Inc. (NASDAQ:AMAT) rose 4.8%, extending a massive June rally after last week’s launch of new AI chipmaking systems and a wave of price-target hikes. AMAT shares have rallied over 60% in June, notching their best monthly gain since 1975.
Outside chips, industrial-gas giant Air Products and Chemicals Inc. (NYSE:APD) climbed 9% on a cluster of analyst upgrades, with Wells Fargo moving the stock to Overweight at a $325 target and Mizuho lifting its target to $330.
Crypto-linked names lagged as Bitcoin (CRYPTO: BTC) fell 3.2% to $58,000. Bitcoin proxy Strategy (NASDAQ:MSTR) dropped about 7%, pressured both by the slide in Bitcoin and its newly authorized framework allowing it to sell Bitcoin to fund obligations.
Shares of peer Circle Internet Group Inc. (NASDAQ:CRCL) tumbled 13.5% after Visa Inc. (NYSE:V), Stripe, Mastercard Inc. (NYSE:MA) and Coinbase Global Inc. (NASDAQ:COIN) announced Tuesday that they had joined a consortium to launch a new stablecoin, Open USD.
Traders are now bracing for fiscal fourth-quarter results from Nike Inc. (NYSE:NKE) after Tuesday’s close, with the stock down roughly 35% this year.
Tuesday’s Russell 1000 Top Gainers
| Name | % change |
|---|---|
| AeroVironment Inc. | +15.6% |
| Figure Technology Solutions Inc. (NASDAQ:FIGR) | +12% |
| Credo Technology Group Holding Ltd | +11.9% |
| UWM Holdings Corp. (NYSE:UWMC) | +9.3% |
| Onto Innovation Inc. | +8.9% |
