The S&P 500 and Nasdaq Composite rose on Tuesday to notch their longest winning streaks in nearly two years and build on November’s rally.
The S&P added 0.4%, rising for a seventh consecutive day for the first time since its eight-day win streak reached in November 2021. The Dow Jones Industrial Average added 63 points, or 0.2%. The Nasdaq outperformed, jumping 1.1%.
Technology stocks moved higher as yields pulled back, with the yield on the 10-year Treasury note last trading about 9 basis points lower at 4.577%. Some notable gainers included Amazon and Salesforce, which rose more than 2% each, while Apple, Microsoft and Meta Platforms gained about 1%. Semiconductor stocks Advanced Micro Devices, Broadcom and Intel rose ahead of the rollout of funding from the Chips Act.
“As yields move lower, we tend to get a bigger rebound in the growth parts of the market,” said Mona Mahajan, senior investment strategist at Edward Jones, adding that a cooldown in oil prices may also be contributing to sentiment around inflation, and offering some relief at the pump.
“There’s some momentum after last week, there’s some follow through,” she said. “We’re not seeing yet any real consolidation in some of the gains we’ve seen over the last six days.”
In other news, Datadog popped 28.5% for one of its best days on record after topping quarterly results and offering a strong outlook. Uber rose 3.7% even after third-quarter earnings fell short of expectations.
Wall Street continued to assess whether last week’s rally can continue after all three indices wrapped their best week in 2023. So far this month, all major averages are on pace for gains, with the Dow is up 3.3%. The S&P and Nasdaq have jumped 4.4% and 6.1%, respectively.
Elsewhere, Wall Street awaits more commentary from central bank speakers, including Federal Reserve Chair Jerome Powell. Quarterly results from Disney, Wynn Resorts and Occidental Petroleum are due out this week.