U.S. stocks have risen for six straight weeks, led by technology shares and semiconductors.
The equity market continues its upward trend, now on a six-week winning streak. Technology stocks, particularly the Mag 7 and semiconductor companies, have driven the gains. Momentum, high beta, and growth stocks are outperforming, while value stocks, defensive sectors, and commodities such as oil lag behind.
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Wall Street markets closed higher on May 13, led by gains in the technology sector ahead of the US-China meeting.
The S&P 500 and Nasdaq closed at record highs on Friday, driven by strong corporate earnings and declining crude oil prices. The indices notched their longest weekly gain streak since October 2024 amid an earnings-heavy week.
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Asian stocks reached a record high amid gains in technology shares and reduced geopolitical tensions. South Korea's SK Hynix achieved a $1 trillion market capitalization. Hopes for a US-Iran peace deal supported equity markets despite mixed US consumer confidence figures.
Indian benchmark indices Sensex and Nifty closed nearly 6% higher for the week, snapping a six-week losing streak after a ceasefire between the US and Iran. Both indices rose 1.2% on Friday. Investors adopted a risk-on approach amid reduced volatility.
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South Korean stocks have doubled in value so far this year.
Asian markets rebounded cautiously on Wednesday after a tech-led global selloff. The move renewed concerns over the durability of the AI-driven rally.
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Indian stock markets staged a significant rebound on Wednesday, fueled by hopes for peace in West Asia and falling oil prices. The NSE Nifty and BSE Sensex climbed substantially during the day, though some gains moderated by the close. Sectoral indices ended higher across the board amid cautious investor sentiment.