Tech Stocks Drive S&P 500 to Record High Amid Global Economic Concerns

The S&P 500 hit an intraday record high on Thursday due to advances in tech stocks, particularly semiconductor companies. Sandisk and Micron led gains with a 15% and 5.6% increase respectively.

The broader chip index added 1.8%, reaching a nearly one-month high. Technology stocks also boosted the Nasdaq, as the S&P 500 information technology index gained 0.9%. Microsoft, Nvidia, and Apple saw modest gains.

Josh Chastant of GuideStone said that broad-based earnings are picking up across sectors, benefiting model builders like those involved in AI. This trend is expected to be positive for the overall AI trade.

Cisco Systems dropped 9% despite forecasting higher revenue than expected. Brent crude futures retreated 3% after six consecutive sessions of gains as investors assessed weaker global demand and higher US stocks.