S&P 500 Hits 25th Record This Year as Tech Soars: Markets Wrap
- Nvidia tops $3 trillion in value to lead rally in megacaps
- Treasury yields drop as traders boost bets on Fed rate cuts
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The world’s largest technology companies drove stocks to all-time highs, while bond yields fell with traders almost fully pricing in two Federal Reserve rate cuts in 2024.
The S&P 500 hit its 25th record this year, while the tech-heavy Nasdaq 100 climbed 2%. Nvidia Corp. — the poster child of the artificial-intelligence frenzy — led a rally in the “Magnificent Seven” megacaps to top $3 trillion in value. Apple Inc. rose for an eighth straight day — the longest winning run since March 2022. Hewlett Packard Enterprise Co. soared on strong AI server sales.