US Stock Markets Reach Record Highs Led by Biggest Tech Companies in the World
The US stock market is booming, with the Nasdaq and S&P 500 reaching record highs led by some of the biggest tech companies in the world. On Wednesday, the Nasdaq closed at a record high for the seventh consecutive day, while the S&P 500 closed at a record high for the sixth consecutive day.
The surge in the market was fueled by gains in companies like Nvidia, Micron Technology, Advanced Micro Devices, and Apple, with the Philadelphia semiconductor index also hitting a record high after strong quarterly revenue from Taiwan Semiconductor Manufacturing Co.
Apple alone climbed 1.9% to a record high, pushing its stock market value to an impressive $3.6 trillion. With just a handful of large-cap stocks driving the rally on Wall Street, some investors are concerned about a potential selloff if these companies’ earnings do not meet expectations.
Despite these concerns, the S&P 500 rose by 1.02% to 5,633.91 points, the Nasdaq gained 1.18% to 18,647.45 points, and the Dow Jones Industrial Average rose by 1.09% to 39,721.36 points. In 2024, the S&P 500 has gained 18% and the Nasdaq is up 24%.
All 11 S&P 500 sector indexes saw gains on Wednesday, with information technology leading the way with a 1.63% increase, followed by a 1.34% gain in materials. With U.S. inflation data and second-quarter earnings reports on the horizon, the market is bracing itself for potential changes.
Overall, the US stock market is on a record-setting streak fueled by the strength of major tech companies, but investors are keeping a close eye on upcoming economic data and earnings reports to see if the momentum can continue.
