The S&P 500 Has Set a New Record for The 15th Time This Year as Technology Booms – US Market Wrap

The stock market surged on a renewed rally in technology companies, while traders sifted through the latest remarks from a slew of Federal Reserve speakers for clues on the interest rate path.

The S&P 500 surpassed 5,100, setting its 15th record this year, with Nvidia Corp. leading megacap gains and Dell Technologies Inc. rising 32% on strong sales. Traders overlooked weak factory data and consumer sentiment in favour of betting that the central bank will be able to cut interest rates as early as June. US two-year yields fell further after Fed Governor Christopher Waller stated that he would like to see the central bank shift its holdings towards a larger share of short-term Treasuries.

The S&P 500 rose for the second week in a row, the Nasdaq 100 climbed nearly 1.5%, and a chipmaker index increased by more than 4%. Treasuries rallied across the curve, with two-year yields falling eight basis points to 4.54%. Oil reached $80. Bitcoin surged above $62,000.