S&P 500 Sets New Record High Amid Tech Boom
The S&P 500 set a new record high on Thursday, driven by strong performances from tech giants like Sandisk and Microsoft.
Shares of Sandisk surged 13.7% and Micron Technology rose 4.2%, while Microsoft added nearly 1% and Meta Platforms climbed 2.8%.
The gains were fueled by tame producer price inflation data, which supported expectations that the Federal Reserve will keep interest rates unchanged at its September meeting.
However, not all tech stocks fared well: AI cloud company CoreWeave dropped 1.3% after a strong surge the day before.
Cisco Systems also declined 8.4% despite an upbeat revenue forecast, while Tapestry shares plummeted more than 16% following muted annual revenue growth forecasts.
Despite these setbacks, the S&P 500 climbed 0.65% to close at 7,798.99 points, exceeding its previous record high from last Friday.