US sharemarkets started the week higher, extending last week’s gains as investors returned to technology stocks and looked ahead to the second-quarter earnings season.
The S&P 500 rose 0.72% to 7,537.43, while the Nasdaq Composite gained 1.12% to 26,121.16. The Dow Jones Industrial Average added 155.84 points, or 0.29%, to a record close of 53,055.91 after also reaching a fresh intraday high.
Technology stocks led the advance, with the Technology Select Sector SPDR ETF rising almost 2%. Western Digital jumped 7%, Teradyne gained 2.8%, Oracle rose 2.5% and Marvell Technology added more than 1%.
The rebound followed two weeks of weakness for semiconductor stocks, with investors rotating back into AI-related names after taking profits earlier in the month. The VanEck Semiconductor ETF rose 2.2% on the day, although it remains down over the past fortnight after gaining more than 80% in the first half of the year.
Elsewhere, Dell Technologies climbed more than 4% after President Donald Trump promoted the company’s computers during a White House event. Microsoft slipped almost 1% after announcing plans to cut around 4,800 jobs, or 2.1% of its workforce.
Australian Market Outlook
Australian shares are expected to open little changed after broad gains on Wall Street, with technology stocks once again providing the strongest support.
S&P/ASX 200 futures were up 3 points, or 0.03%, to 8,813.
Locally, there are no major economic releases scheduled on Tuesday. Offshore, investors will monitor US May trade data as attention continues to build ahead of the US reporting season.
