Breaking News: S&P 500 Hits Record High Above 5,600 as Tech Stocks Soar - Apple and Nvidia Lead the Charge
The S&P 500 closed above 5,600 for the first time ever, driven by the tech sector and optimism surrounding potential rate cuts. Fed Chair Jerome Powell's testimony before Congress and anticipation for fresh inflation data also contributed to the market's positive momentum.
Tech giants like Apple and Nvidia saw significant gains, with Apple expecting to ship 10% more iPhones in 2024 thanks to AI-enabled features. Microsoft also rose as it prepares to step down from the OpenAI board amid regulatory concerns over generative AI.
Powell remains confident in a soft landing for the economy despite the Fed's efforts to combat inflation. Traders are still betting on a rate cut in September, with a high likelihood of a 25 basis point reduction.
Investors are now eagerly awaiting the upcoming inflation data, which is expected to show a slight increase in CPI. Energy stocks, however, saw gains as oil prices rose due to falling crude inventories.
Overall, the market is showing signs of strength and resilience, with opportunities for both short-term gains and long-term growth. Stay tuned for more updates on how these developments could impact your investments and financial future.