Nasdaq 100 Jumps 0.97% to 1-Week High as AI Earnings Hopes Offset Rate Worries
Updated
Updated · Barchart · Jun 30
Nasdaq 100 Jumps 0.97% to 1-Week High as AI Earnings Hopes Offset Rate Worries
3 articles · Updated · Barchart · Jun 30
Summary
U.S. stocks extended Monday’s rally on Q2’s final trading day, with the S&P 500 up 0.34%, the Dow 0.22% and the Nasdaq 100 leading at 0.97%.
7.594 million May JOLTS openings and firmer home-price and Chicago PMI readings reinforced the economic-resilience trade, even as June consumer confidence missed forecasts at 91.2.
AI-linked chip and infrastructure names drove the advance, with SanDisk, KLA and Marvell up more than 6%, while Bloomberg Intelligence sees Q2 earnings rising 23% and AI infrastructure contributing nearly 60% of S&P 500 EPS growth.
Treasury yields climbed as stocks cut safe-haven demand and stronger labor data hardened Fed expectations, with markets pricing a 32% chance of a 25-basis-point hike at the July 28-29 meeting.
Global risk appetite also drew support from China’s June PMIs returning above 50 and calmer Hormuz tanker flows, though WTI stayed firm after Monday’s 2% surge ahead of U.S.-Iran talks in Doha.