The S&P 500 climbed Wednesday to a fresh record, breaking above 5,600 for the first time, as a sharp rise in semiconductor stocks led the market higher.<\/p>\n
The broad market index jumped 1.02%, closing at 5,633.91, and notching a seventh straight day of gains. The Nasdaq Composite advanced 1.18%, also hitting an all-time high and ending at 18,647.45. It was the 37th record close in 2024 for the S&P 500, and the 27th for the tech-heavy Nasdaq. The Dow Jones Industrial Average added 429.39 points, or 1.09%, to close at 39,721.36.<\/p>\n
Chip stocks were among the largest winners of the session. Taiwan Semiconductor added 3.5% after revenue from April to June came in ahead of Wall Street estimates. Peer chip firm Qualcomm ticked higher by 0.8%, and Broadcom rose about 0.7%. Artificial intelligence darling Nvidia climbed 2.7%.<\/p>\n
Those moves come as investors await fresh inflation figures on Thursday with the release of the June consumer price index report. The data follows comments from Federal Reserve Chair Jerome Powell on Tuesday and Wednesday that has fueled investor hopes for a rate cut in the second half of the year.<\/p>\n
\u201cThere are some things out there that look kind of frothy, but there\u2019s no indication yet that [megacap technology] earnings can\u2019t support those valuations,\u201d said Scott Welch, chief investment officer at Certuity. \u201cIt\u2019s important to remember that seven to 10 stocks constitute 30% to 40% of the S&P 500 market cap \u2026 if there\u2019s any slippage it\u2019s going to have an amplified effect.\u201d<\/p>\n
Economists polled by Dow Jones expect a 0.1% month-over-month advance and a 3.1% year-on-year gain. Core CPI, which excludes energy and food prices, is forecast to have expanded 0.2% from the prior month and 3.4% from a year earlier. The producer price index is set for release Friday.<\/p>\n<\/p>\n
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The S&P 500 climbed Wednesday to a fresh record, breaking above 5,600 for the first time, as a sharp rise in semiconductor stocks led the market higher. The broad market index jumped 1.02%, closing at 5,633.91, and notching a seventh straight day of gains. The Nasdaq Composite advanced 1.18%, also hitting an all-time high and ending at 18,647.45. It <\/p>\n","protected":false},"author":1,"featured_media":4900,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-4899","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"_links":{"self":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/posts\/4899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/comments?post=4899"}],"version-history":[{"count":0,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/posts\/4899\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/media\/4900"}],"wp:attachment":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/media?parent=4899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/categories?post=4899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/tags?post=4899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}