S&P 500 Experiences Its Best Back-To-Back Rally in Two Months – US Market Wrap

A rally in tech heavyweights lifted the broader stock market, with Wall Street investors viewing the group’s high-stakes earnings as a key test of the equities bull run.

Following a selloff that sent the market to its worst week in over a year, every megacap in the “Magnificent Seven” cohort rose. In late hours, Tesla soared despite an earnings miss, with Elon Musk’s electric-vehicle giant disclosing plans for more affordable models. Treasuries briefly extended their advance following a strong $69 billion sale of two-year notes, but quickly returned to levels seen prior to the auction, with 10-year yields little changed.

Following several record highs this year, equities lost traction in April amid signs that the Federal Reserve will keep interest rates higher for longer. The slide has made stocks more appealing by removing market froth, with investors now focusing on corporate earnings, according to Citigroup strategists.

The S&P 500 rise to around 5,070, while the tech-heavy Nasdaq 100 added 1.5%. Nvidia, the poster child of the artificial-intelligence boom, led a surge in chipmakers. United Parcel Service – an economic barometer – reported profit that beat estimates, sending its shares soaring.