US stocks are poised for their strongest quarter since 2020, with the S&P 500 climbing 1.2% and breaking a five-day losing streak. The Dow Jones Industrial Average added 306 points, or 0.6%, while the Nasdaq composite rallied 2.1%. This positive performance comes despite a rare losing week and rising oil prices, with Brent crude reaching $73.91 per barrel and benchmark US crude for August delivery rising 2.2% to $70.75 per barrel.
The Supreme Court also made significant rulings, expanding President Trump's power to dismiss top government officials at federal agencies. Concurrently, the Court reinforced the Federal Reserve's independence and protected the position of Fed Governor Lisa Cook. This legal clarity adds another layer to the current financial landscape.
Several key stocks significantly contributed to market gains, particularly those in the artificial intelligence sector. Nvidia, Wall Street's largest stock with a valuation exceeding $4.7 trillion, rose 1.3%. Applied Materials surged 10.8%, pushing its year-to-date gain above 170%. SpaceX climbed 7.2% and is set to join the Nasdaq 100 index before July 7, after its stock debuted on the Nasdaq earlier this month, exceeding $2 trillion in value. These gains were spurred by news that Samsung Electronics and SK Hynix plan to invest approximately $518 billion in a new South Korean chipmaking hub, capitalizing on surging AI demand. The yield on the 10-year Treasury also edged down to 4.37%.
