US stocks extended their winning streak on Tuesday, pushing to fresh record highs as stronger-than-expected labour market data helped offset concerns surrounding artificial intelligence spending, cryptocurrency weakness and ongoing geopolitical tensions.
The Dow Jones Industrial Average climbed 0.5% to secure a new record close, while the S&P 500 added 0.1%, also reaching an all-time high. The Nasdaq Composite finished marginally higher, continuing the momentum from Monday’s gains even as several major technology names moved in opposite directions.
Investors were encouraged by the latest Job Openings and Labor Turnover Survey, which showed 7.6 million job vacancies in April. The figure comfortably exceeded forecasts of 6.89 million and offered another sign that the US labour market remains more resilient than many economists had anticipated. The report marks the first major employment release of the week ahead of Friday’s closely watched May payrolls data.
Technology shares were mixed. Alphabet slipped after outlining plans to spend $80 billion on artificial intelligence infrastructure, a figure that highlighted the escalating costs associated with the race to expand AI capabilities. In contrast, Hewlett Packard Enterprise surged after reporting a record quarter, with demand linked to AI-driven data centre expansion helping to lift results.
Geopolitical developments also remained firmly on traders’ radar. Market sentiment improved during the session after hopes of reduced tensions in the Middle East gained traction. President Donald Trump said Israel and Hezbollah had agreed to halt attacks, while also stating that discussions between the United States and Iran were continuing at a rapid pace.
Oil markets nevertheless moved higher. Brent crude rose around 1% to trade near $96 a barrel, while West Texas Intermediate crude climbed above $93 a barrel as investors continued to assess the broader regional outlook.
Although the corporate earnings calendar is beginning to thin out, several companies still attracted attention. Victoria’s Secret jumped after delivering results that surpassed expectations on both revenue and profit, while investors also awaited updates from Palo Alto Networks and Ulta Beauty later in the day.
Away from equities, cryptocurrency markets came under pressure. Bitcoin fell more than 5% to below $68,000, marking its lowest level since early April.
Sentiment has weakened in recent sessions following an unexpected move by Strategy, formerly known as MicroStrategy, which disclosed the sale of roughly $2.5 million worth of bitcoin from its holdings.
The disposal represents only a tiny portion of the company’s estimated $59 billion position, yet it attracted attention because it broke with a strategy that had previously centred almost entirely on accumulating and holding the cryptocurrency.
Selling pressure has also been amplified by continued withdrawals from spot bitcoin exchange-traded funds. According to Bloomberg data, investors have pulled nearly $3.5 billion from these products over 11 consecutive trading days, adding further pressure to the world’s largest digital asset as it struggles to regain momentum.
