Stock Market Today: Major Indexes Tick Higher; Dow, S&P 500 Set New Records; HPE, Marvell Shares Soar

Major U.S. stock indexes reached fresh records Tuesday, with the Dow Jones Industrial Average and S&P 500 climbing 0.3% and 0.1% respectively, while the Nasdaq Composite edged down slightly after setting an intraday high the prior day. The gains extended a strong May performance, with the S&P 500 closing its ninth consecutive winning week. Technology stocks continued to drive market momentum, with Hewlett Packard Enterprise (HPE) surging 16% after reporting quarterly earnings exceeding expectations and raising its outlook. Marvell Technology (MRVL) shares soared 30%, the largest Nasdaq gainer, after Nvidia CEO Jensen Huang predicted the company could become the next trillion-dollar firm at the Computex conference in Taiwan. Nvidia’s stock, however, retreated 0.5% after earlier gains fueled by Huang’s announcement of the RTX Spark superchip. Meanwhile, Alphabet (GOOGL) shares dropped 2% following plans to issue $80 billion in stock, including a $10 billion sale to Berkshire Hathaway (BRK.B), to fund AI infrastructure investments. Among the Magnificent Seven, Microsoft (MSFT) was the biggest decliner at 3.5%, while other tech giants showed mixed performance. Post-earnings movers included Victoria’s Secret’s new ticker (VSXY), which jumped 45%, and Signet Jewelers (SIG), up 3%, while Dollar General (DG) fell 1%. Analysts noted a growing focus beyond AI, with Gabelli Funds portfolio manager John Belton emphasizing the need for portfolio diversification amid concentrated sector gains. The market’s upward trajectory reflects sustained investor optimism in AI-driven growth, despite broader economic uncertainties. HPE’s strong results and Marvell’s potential trillion-dollar valuation highlight the sector’s dominance, while Alphabet’s financing move underscores the escalating demand for AI-related infrastructure. Traders remain cautious, however, as mixed performances among tech leaders signal potential volatility ahead.