S&P 500 Hits Record After Soft CPI, Led by Tech Mega-Cap Gains

US stocks closed at a new high on Friday, as traders cheered softer-than-anticipated inflation data that underpinned expectations for Federal Reserve interest-rate cuts. Technology giants including Nvidia Corp., Apple Inc. and Broadcom Inc. led gains in the S&P 500 Index.

The benchmark rose 0.8%, helped by advances in six of 11 sectors in the index, led by technology and utilities. The Nasdaq 100 Index climbed 1.0%. The Bloomberg Magnificent Seven Price Return Index added 0.6%.