S&P 500 hits 30th Record High this Year – US Market Wrap
Daily Dose, US

S&P 500 hits 30th Record High this Year – US Market Wrap

Stocks reached all-time highs after a rally in the world’s largest technology companies, with some prominent Wall Street strategists rushing to raise their targets even as many hedge funds became more cautious.

The S&P 500 set its 30th record this year, defying concerns about the market’s narrow breadth, which could make it more vulnerable to surprises. As traders prepared for retail sales data and a slew of Federal Reserve speakers, Treasuries fell amid a flurry of high-grade corporate bond sales worth more than $21 billion, led by Home Depot. That comes ahead of Wednesday’s Juneteenth holiday.

Optimism about a resilient economy, improving corporate earnings, and the potential start of rate cuts have pushed equities up about 15% this year, with falling inflation and artificial-intelligence fervour also driving equities higher.

The S&P 500 surpassed 5,470, with Tesla and Apple leading megacap gains. The Nasdaq 100 increased 1.2% and approached the 20,000 mark. Micron Technology climbed to a new high as some firms raised their expectations for the chipmaker. Broadcom jumped more than 5%.