ASX 200 tech shares led the 11 sectors with an 8.4% gain amid a new record for the broader market.
Investors in Australia were inspired to buy tech stocks after more strong US earnings reports last week.
Amazon and Apple reported big quarterly earnings that helped allay fears over artificial intelligence (AI).
This followed robust earnings reports from Microsoft and Google parent, Alphabet, the week before.
eToro analyst Josh Gilbert said 86% of US companies had beat expectations so far this season.
He added:
… big tech delivered answers to the AI question marks.
That's the template for the local market to follow, because Wall Street's rally has been earned by results while the ASX is still waiting on its own.
The 8.4% gain for ASX 200 tech shares last week follows an 8.2% rise the week before.
The tech sector is recovering from a dramatic 48% slump between August 2025 and March this year.
The S&P/ASX 200 Information Technology Index (ASX: XIJ) is now up 27% since bottoming out on 30 March.
The broader market is also on a roll.
The ASX 200 has risen for four consecutive months, and hit a new record of 9,296.7 points on Thursday.
After just five weeks of trading in FY27, the ASX 200 is already up 5.5%.
That's significant after just 2.8% growth in FY26 (total return, including dividends, was 7%).
Investors have been buoyed by cooler inflation, which lowers the risk of more interest rate hikes for now.
The market also remains hopeful that an Iran-Oman deal to reopen the Strait of Hormuz will be finalised soon.
The August earnings season will provide an important test for the ASX 200's momentum, said Gilbert.
The ASX reaching this new high has been helped by pretty much the whole index, with broad-based gains across the board.
Over the next month, corporate Australia has to show the numbers to match the market's confidence.
Our reporting calendar shows when the big ASX 200 names are releasing their results this season.
Image source: Getty Images
Tech shares lead for a second week
The WiseTech Global Ltd (ASX: WTC) share price soared 12.89% to $40.98 last week.
The Xero Ltd (ASX: XRO) share price rose 9.37% to $76.56.
TechnologyOne Ltd (ASX: TNE) shares ascended 6.47% to $32.75 apiece.
The Life360 Inc (ASX: 360) share price jumped 11.39% to $28.56.
The Megaport Ltd (ASX: MP1) share price leapt 11.49% to $20.18.
The Nextdc Ltd (ASX: NXT) share price rose 6.96% to $14.29.
Dicker Data Ltd (ASX: DDR) shares lifted 5.19% to $13.18 apiece.
Codan Ltd (ASX: CDA) shares rose 2.45% to finish at $41.06 on Friday.
The Elsight Ltd (ASX: ELS) share price soared 26.48% to $7.07 on a record quarterly report.
ASX 200 market sector snapshot
Here's how the 11 market sectors stacked up last week, according to CommSec data.
Over the five trading days:
| S&P/ASX 200 market sector | Change last week |
| Information Technology (ASX: XIJ) | 8.4% |
| Materials (ASX: XMJ) | 7.55% |
| Healthcare (ASX: XHJ) | 5.04% |
| Industrials (ASX: XNJ) | 2.77% |
| Consumer Discretionary (ASX: XDJ) | 1.73% |
| Consumer Staples (ASX: XSJ) | 1.38% |
| Financials (ASX: XFJ) | 1.37% |
| Communication (ASX: XTJ) | 1.35% |
| A-REIT (ASX: XPJ) | 1.24% |
| Utilities (ASX: XUJ) | (0.8%) |
| Energy (ASX: XEJ) | (1.97%) |
