The S&P 500 and Nasdaq composite indices climbed to new record levels, supported by gains in artificial intelligence stocks and robust corporate results.
Investors focused on strong first-quarter earnings from technology companies, which helped offset declines across other sectors. Shares of Nvidia and Sandisk contributed to the advance amid broader optimism about AI developments.
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South Korean stocks opened at a fresh record high Tuesday, with the benchmark KOSPI rising to 8,893.19 amid continued optimism in artificial intelligence-related shares.
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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Indian IT stocks surged on Monday, outperforming the broader market. The Nifty IT index reached its highest level since April 23.
Dell Technologies reported robust results that drove its stock up more than 30 percent. The company raised its fiscal 2027 revenue guidance by 27 billion dollars and nearly 5 dollars in earnings per share. Artificial intelligence server revenue jumped 757 percent year over year.
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Indian IT shares fell for a seventh consecutive session as concerns over Anthropic's latest AI model heightened worries about future revenue impacts. Declines in global tech stocks, led by the Nasdaq, added to the pressure on the sector.
Billionaire investor Paul Tudor Jones says the current AI-driven rally in global markets could last another year or two. He drew parallels to the early dominance of Microsoft and the commercialization of the internet. At the same time, he warned of a possible sharp downturn resembling the aftermath of the dot-com bubble.
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The Nikkei 225 retreated from Thursday's record but clawed back some losses by the close of trading.