The S&P 500 extended its weekly winning streak to nine on easing stagflation fears and tech sector strength.
The S&P 500 climbed 1.43% last week, reaching new record highs as stagflation fears waned due to lower oil prices and optimism over a potential US-Iran deal. The index marked its ninth consecutive weekly gain, the longest streak since 2023, driven by strong performance in technology and AI-related stocks.
Technology shares led the rally, with the NASDAQ rising 2.39% for the week. The Philadelphia Semiconductor Index surged 22.2% in May, reflecting renewed excitement around artificial intelligence. Global markets mirrored the gains, with Japan’s Nikkei up 4.72% and Europe’s STOXX 600 adding 0.14%.
Futures pointed higher again this morning, with S&P 500 and Nasdaq futures up 0.25% and 0.52%, respectively. Asian markets also advanced, led by South Korea’s KOSPI, which jumped 4.45%, while the Nikkei and Hang Seng posted modest gains.