Big Tech Is Back in S&P 500 Driver’s Seat as Profit Engines Hum

The same technology giants that helped drag the S&P 500 to the brink of a bear market in April are giving the recovery in US equities some legs.

Nvidia Corp. put a bow on a better-than-expected earnings season for Big Tech last week by delivering a strong outlook for revenue, despite US restrictions on sales of its chips in China. With Nvidia and Microsoft Corp. rallying back to the cusp of record highs, traders are betting the group is poised to lift the broader market.