US equities ended Tuesday higher, closing out a second quarter defined by technology strength and uneven macro signals, with chipmakers doing most of the heavy lifting while other markets moved in the opposite direction.
The Dow Jones Industrial Average Dow Jones Industrial Average rose about 0.3 percent and marked another record close after passing 52,000 earlier in the week. The S&P 500 gained 0.8 percent, finishing its strongest quarter since 2020. The Nasdaq Composite Nasdaq Composite added 1.5 percent, with most of the advance concentrated in semiconductor names.
The semiconductor sector extended a months-long rally that has now delivered a record quarterly gain for the Philadelphia Semiconductor Index. The move was driven by continued demand for AI-linked hardware, though recent trading has shown sharper intraday swings as positioning becomes more sensitive after a sustained run higher.
Energy markets moved against equities as oil flows through the Strait of Hormuz recovered faster than expected, easing earlier disruption fears and shifting the focus towards potential oversupply, with Brent below 74 dollars a barrel and West Texas Intermediate under 70, both on course for quarterly declines.
Currency markets tightened global financial conditions as the US dollar extended its advance, pushing the Japanese yen to levels last seen around four decades ago and increasing pressure on Tokyo to consider intervention, while HSBC warned that further gains could accelerate sharply if the Federal Reserve signals a longer period of restrictive policy than markets currently expect.
US labour data fed into expectations ahead of Thursday’s non-farm payrolls report, with the JOLTS survey showing job openings in May above forecasts while hiring activity remained subdued, a mix that keeps pressure on rate pricing as markets assess whether growth is easing gradually or holding at a firmer level.
In crypto, Bitcoin fell below 60,000 dollars, extending a slide that has now taken it down more than 33% year to date. The token is heading for its weakest month since 2022, with continued selling and forced liquidations reinforcing the downtrend that began after its peak in October.
