Shares of technology companies rose as upward momentum returned to the large-cap tech niche after a brief selloff earlier this week.

The strength of the large-cap tech stocks drove the S&P 500 into bull-market territory, ending the longest bear market since the 1940s.

Apple, which recently launched a new augmented-reality headset, rose to new all-time highs.

"The main reason is fatigue from the 25% rally since the March lows, which has been almost without pullbacks and with only brief interruptions," said Alex Kuptsikevich, senior market analyst at foreign-exchange brokerage FxPro, in e-mailed commentary.

"The AI-driven hype has driven the growth of the last three months, although the initial start was driven by hopes of a Fed rate cut due to the regional banking crisis."

Carvana shares surged after the online car retailer forecast second-quarter adjusted Ebitda, or earnings before interest, taxes, depreciation and amortization, of above $50 million, significantly ahead of Wall Street targets.

Nikola shareholders rejected the company's proposal to issue more stock shares, raising pressure on the struggling electric-truck maker as it tries to raise more cash to start production.

Nikola rival Fisker fell sharply after analysts at brokerage Wolfe warned its electric SUV would face stiff competition in a slightly saturated part of the market.

DocuSign rallied after hours in the wake of the digital signature concern's surprisingly strong earnings report.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

06-08-23 1716ET