Wall Street is buzzing after a Tuesday session saw the S&P 500, Nasdaq, and Dow all hit record highs, extending impressive winning streaks. Investors are keenly watching Wednesday’s ADP jobs report for clues on the Fed’s next moves, while key earnings from Macy’s, Broadcom, and CrowdStrike are set to influence market sentiment.
Tech giants like HPE, Palo Alto Networks, and Apple also saw significant gains or record closes, contrasting with drops in Microsoft and Netflix, and a broader slump in the crypto market. Meanwhile, nuclear and uranium stocks rallied on news regarding the Three Mile Island plant, and MSG Sports soared ahead of the NBA Finals.
As Wall Street geared up for Wednesday's trading session, the markets were buzzing with a mix of record-breaking performances, crucial economic data, and key corporate earnings. CNBC TV's producers highlighted several factors poised to influence investor sentiment, following the S&P 500's historic close above 7,600.
A Streak of Records: Tuesday marked another impressive day for the major U.S. indexes. The S&P 500 advanced 0.13%, extending its winning streak to nine consecutive days—its longest run since May of last year—and is now up 20% from its March lows. Similarly, the Nasdaq Composite eked out a 0.03% gain, also securing its ninth straight day in the green and boasting a 31% rebound from its March trough. The Dow Industrials surged nearly 230 points, notching its eighth gain in nine sessions and standing 14% higher than its March lows. All three benchmarks concluded the day at fresh record highs.
Economic Pulse: Employment and the Fed: Investors are keenly awaiting the first glimpse of May's jobs landscape with ADP's payroll numbers due Wednesday morning, before the market open. Dow Jones-polled economists anticipate a gain of 110,000 jobs, a slight increase from April's 109,000. This data will be closely scrutinized for its potential implications on the Federal Reserve's monetary policy. While a rate hike later this year is increasingly expected by economists, the benchmark 10-year Treasury yield has softened, trading around 4.45% after reaching 4.69% just two weeks prior.
Earnings Spotlight:
- Macy's: The retailer's report before the bell on Wednesday will offer insights into consumer spending health. Despite a 2% dip year-to-date, shares have climbed 15% since its last earnings release.
- Broadcom: The chip giant hit an all-time high ahead of its after-hours report. Shares have soared 51% in the last three months and 93% over the past year. However, its 39% year-to-date gain trails the broader semiconductor sector, as the VanEck Semiconductor ETF (SMH) is up 75%.
- CrowdStrike: This cybersecurity leader, which reached a record high on Monday before dipping Tuesday, will also report after the close. Its shares have roughly doubled in the past three months.
Tech Sector Buzz:
- HPE: Hewlett Packard Enterprise shares skyrocketed 19.5% on Tuesday, marking their largest single-day leap since its 2015 spin-off. The software and infrastructure firm handily surpassed analyst expectations, driven by robust AI-related demand in its server division, closing at a record high and up 133% year-to-date.
- Palo Alto Networks: The cybersecurity firm also saw its stock jump after beating top and bottom-line estimates in its post-market earnings report. Shares were up 61% in 2026 before the report.
- Apple: The iPhone maker reclaimed its weekly gains, closing at a new record. Should this momentum continue, it would mark Apple's 11th consecutive up week, a streak not seen since 2004. After a slow start, Apple is now up approximately 16% in 2026, making it the second-best performer in the Magnificent Seven, trailing only Nvidia.
- Microsoft: The software titan broke a three-day rally with its biggest drop since February. This came as the company unveiled its inaugural AI coding model at its annual Build developers' conference in San Francisco. Microsoft is the second-worst performer in the Magnificent Seven this year, down over 8%, with only Meta faring worse.
Netflix Chills: The streaming behemoth experienced a 3% decline on Tuesday, extending its losing streak to seven consecutive days—its longest since November 2022. Shares remain 38% off their June all-time high.
Nuclear Energy Surges: U.S. regulators' move to expedite the restart of Pennsylvania's Three Mile Island nuclear power plant, intended to power Microsoft data centers, fueled a rally in nuclear and uranium stocks. Uranium Energy Corp climbed 13%, Oklo nearly 10%, NuScale Power 8%, Cameco 7%, Constellation Energy 2.6%, Talen Energy 2.2%, and Vistra Corp 2%.
Bitcoin's Bummer: The cryptocurrency market saw a downturn, with Bitcoin falling below $70,000 for the first time since April 2, and Ethereum dropping under $2,000, a low last seen in late February. Crypto-adjacent stocks also suffered: Robinhood lost nearly 3% (down 22% YTD), Coinbase fell almost 5% (down 23% YTD), and MicroStrategy, which recently sold some Bitcoin, plunged 9% (down 10% YTD).
Beyond the Bell: NBA Finals Excitement: The NBA Finals kick off Wednesday night with the Knicks facing the Spurs in San Antonio. With Game 1 tickets averaging $1,865, enough to buy five shares of MSG Sports (parent of the Knicks), the stock closed at a record high on Tuesday. MSGS, which has filed to spin off its teams into two separate publicly traded entities, has gained 48% this year and 15% since the Knicks' playoff run began in April.
