AI Obsession Powers $5 Trillion Nasdaq 100 Surge: Markets Wrap
- Tech-heavy gauge notches best first-half of a year on record
- JPMorgan, Wells Fargo, Morgan Stanley lift payouts on Fed test
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The rally in tech megacaps gained further traction, with the Nasdaq 100 notching its best ever first-half of a year and Apple Inc. hitting the $3 trillion milestone.
Traders decided to look at the glass half full as data showed inflation is moderating, even if that comes at the expense of growth. Stocks extended this year’s surge, with tech consolidating its leadership amid the ascent of artificial intelligence. Big banks saw their first monthly gain since January after passing the Federal Reserve’s stress test. In late hours, JPMorgan Chase & Co., Wells Fargo & Co., Morgan Stanley and Goldman Sachs Group Inc. announced higher dividends.