Wall Street’s Green Streak Continues—Because Even Broken Clocks Are Right Thrice

For the third straight trading session, the S&P 500 and Dow Jones shrugged off economic headwinds like a hedge fund manager ignores fiduciary duty.

The rally defies logic—just like most Wall Street bonuses—as tech stocks lead the charge while traditional sectors play catch-up. Analysts whisper about ’market resilience,’ but we all know this is just the algo-traders chasing momentum.

Meanwhile, crypto markets yawn—because when you’re used to 10% daily swings, a 1.5% uptick in blue-chips is basically nap time.

Tech stocks jump as Nvidia and AMD rally

Technology shares were front and center. Nvidia rose over 4% after announcing plans to ship 18,000 of its top AI chips to Saudi Arabia. That news alone was enough to light up the chip sector. Not far behind was AMD, whose stock also climbed more than 4% thanks to a newly announced $6 billion buyback program. That kind of aggressive move from AMD gave investors something real to grab onto.

Together, these two moves helped fuel a massive bump in the Nasdaq, which is now up more than 6% this week. The S&P 500 is up over 4%, and the Dow has gained nearly 2%. What’s more, the S&P 500 had previously dropped more than 20% from its February high but has now recovered over 21% from the April 7 intraday low. That kind of bounce doesn’t happen quietly.

The tariff relief deal gave the whole market a new burst of energy, even if it’s not locked in yet. Adam Turnquist, chief technical strategist at LPL Financial, said, “While this progress has led to a likely peak in investor fear and policy uncertainty, there are still a lot of unknowns over where tariff rates will ultimately land.” But as far as short-term sentiment goes, buyers welcomed the news.

Still, Donald TRUMP said a final deal between the two countries isn’t happening anytime soon. This is why traders aren’t going all in yet. They’re playing it safe, buying on the dips, and holding back from chasing rallies.

Daniel Skelly, who leads wealth management market strategy at Morgan Stanley, said, “The next leg higher will have to wait for policy initiatives that could provide tailwinds into 2026, including deregulation and a pro-growth tax bill.”

Deutsche Bank added its voice too. Maximilian Uleer, a strategist there, wrote, “Looking forward, short-term, we expect the S&P 500’s recent outperformance to persist as US companies are the bigger beneficiary of the tariff cuts.” But he also warned that these tariffs, even reduced, still hit US companies harder than European ones, and relief won’t come without deeper cuts.

Tesla flashes warning signs as short sellers get ready

Not everything is running smoothly. Tesla is showing technical signs of stress, according to a report from S3 Partners, which tracks short interest activity. 

Matthew Unterman, who wrote the note, said that Tesla’s relative strength index (RSI) has crossed 70, and the stock is now above its upper Bollinger Band—both of which are signs the stock may be overbought. These indicators tend to suggest price pressure is building.

Matthew also pointed out that short interest remains stable, but is sitting close to 3% of float, and that could lead to a spike in selling if it moves any higher. 

This isn’t the first time something like this has happened. Tesla also moved past an RSI of 70 in December, just before a price dip that dragged it lower in the first quarter.

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