Financial Trading Blog
US Stocks Showing Strong Momentum
Equities in the US have been roaring higher for more than a month now as traders return to AI amid hopes of a deceleration in the Middle East, with some stocks standing out for their recent strong momentum.
US Momentum Stocks (Over 50-day SMA and RSI over 70)
- Replimune Group (REPL), RSI 79
- Quantum Corporation (QMCO), RSI 84
- Hewlett Packard Enterprise (HPE), RSI 87
- Marvell Technology (MRVL), RSI 87
- Okta (OKTA), RSI 70
- Dell Technologies (DELL), RSI 76
- Digital Turbine (APPS), RSI 81
- Bruker (BRKR), RSI 83
- BitDeer Technologies (BTDR), RSI 74
- NetApp (NTAP), RSI 88
US Stocks Power Through Geopolitical Risks
Stock indices in the US have been scoring record highs and long win streaks, showing . The benchmark S&P 500 had a 9-day win streak that was broken by disappointing earnings from Broadcom on Wednesday, emphasising the importance of the resurgent interest in AI for the gains. Analysts are starting to worry about the lack of market breadth. On the other hand, going back to 1950, the S&P 500 has never peaked in June, which could mean the current surge still has legs. Despite the headline coverage, many analysts anticipate that the tech boom is largely isolated from the effects of a potential flare-up in the war with Iran. While AI does demand a lot of energy, most tech companies operate with high margins, meaning their bottom line is relatively unaffected by higher crude prices compared to, for example, the industrials sector.
It's not surprising that the companies showing the strongest momentum recently have a heavy weighting toward tech stocks, . Stocks in the AI infrastructure space have delivered extraordinary performance as major tech leaders continue to spend in an arms race to win AI leadership. SpaceX's IPO and Google's secondary share issuance, both the largest issuances ever, suggest continued solid interest in the space. Here's what's behind the momentum in some of the companies that have been pushing US stock markets higher:
AI-Backed Stocks Supported by Earnings
In a positive sign that the current move could continue, several stocks with strong momentum over the last couple of weeks are seeing gains following strong earnings reports. Those include Quantum Corporation, Hewlett-Packard, Okta, Dell, Digital Turbine, Bruker, and NetApp. Notable on the list is Hewlett-Packard, whose share price on Monday, helping reassure markets that the AI boom was still on. Strong server sales drove 40% year-over-year revenue growth, and the company raised its full-year guidance. Another stand-out is NetApp, which saw one of the strongest surges among the top performers in the wake of its fiscal Q4 earnings two weeks ago. It raised its guidance for the next fiscal year, driven by strong demand for data storage solutions for AI workloads.
Nvidia Boosts Marvell
The power of the top AI company, Nvidia, was on full display during Computex 2026 this week, where many companies announced partnerships and advances in the tech space. Marvell stands out after receiving a vote of , who said it could be the next trillion-dollar company because of its critical role in AI networking and custom chips. Many traders seem to agree, as the comments capped an 84% surge in the company's stock this month alone.
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