S&P 500 Closes Above 7600

2026-06-02 20:25 By Anna Fedec 1 min. read

US stocks rose to new records on Tuesday as more strength from the AI economy offset the ongoing impasse between the US and Iran.

The S&P 500 closed above 7600 for the first time while the Dow was up more than 200 points.

Heavyweight chip producers and companies in the AI infrastructure space were sharply higher to extend the momentum that has carried equity indices this year.

Broadcom jumped 5% ahead of its earnings tomorrow, while Lan Research, Qualcomm, and On Semiconductors added over 5% as the higher capacity for wafers by SK Hynix improved the output forecast for the sector.

Meanwhile, HPE surged 19% on a AI-fuelled guidance upgrade, and Marvell surged 32% after Nvidia CEO Huang stated it could be the next trillion dollar company.

On the other hand, Alphabet dropped nearly 4% after announcing an $80 billion stock sale to fund AI expansion, including a $10 billion investment from Berkshire Hathaway.



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