S&P 500 Index Inks New Record on Backend of Tech Stock Rallies

• The S&P 500 (^GSPC) soared to another new record on Wednesday, surpassing $7,444 
• Major tech stocks fueled the climb after top CEOs joined US President Donald Trump on his summit trip to China 
• The S&P 500 Index is expected to continue its rally, although there are still some bears weighing down the market

The S&P 500 (^GSPC) soared to another new record on Wednesday, with the index surpassing $7,444. Tech stocks helped lead the index to its latest high. With major companies like Nvidia (NVDA), Tesla (TSLA), and Apple (AAPL) leading the charge, the stock market was able to tick up from its Tuesday slip due to a worrying CPI report.

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How The Indexes Faired Tuesday

The S&P 500 index rose 0.58% to 7,444.25 upon the market close Tuesday. The tech-heavy Nasdaq Composite (^IXIC) added 1.2% to end at 26,402.34, largely led by a climb throughout the Magnificent-7 grouping. Both hit fresh intraday and closing records. The Dow Jones Industrial Average (^DJI) shed 67.36 points, or 0.14%, ending at 49,693.20.

Nvidia (NVDA), Tesla (TSLA), and Apple (AAPL) all climbed after their CEOs joined US President Donald Trump on his summit trip to China. President Trump posted on social media that it was an honor to bring Huang, Tesla’s Elon Musk, Apple’s Tim Cook and other executives to the “incredible gathering of the World’s Greatest Businessmen/women proudly going to China.” NVDA specifically had a historic surge, becoming the first company to breach a $5.4T market cap. The CEOs of chip companies Qualcomm (QCOM) and Micron (MU) are also on the trip, sparking a 4% climb for MU stock.

Furthermore, semiconductor stocks in particular have climbed, fueling the S&P 500’s record high, amid renewed enthusiasm in the AI trade. Even though chip stocks and those related to the AI infrastructure buildout are to some degree “moving completely on their own,” the broader market is witnessing a corresponding climb.

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Will the S&P 500 Gains Hold Up?

On the flip side, there certainly remain bears on the stock market that forecast tech stocks to falter, leading to an S&P index decline. As reported by BlockNow earlier this week, notorious stock market shorter Michael Burry feels that the bubble is set to burst. Specifically, Burry compared the present day to 2008 in a post on Substack, saying he was having a major feeling of deja vu when it came to the market, and that the market just “jumped the shark.

Depending on the outcome of Trump’s visit to China and what the multiple big-tech CEOs get out of the summit, the broader stock market could see another swing up or down. The trip signaled to investors that there could be positive developments around companies like Tesla, Nvidia and Apple.

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