The stock market rallied, with the S&P 500 and Nasdaq Composite closing at fresh all-time highs. Favorable inflation data and a surge in AI-fueled tech earnings boosted investor sentiment, helping offset earlier geopolitical concerns in the Middle East.
- S&P 500: Gained roughly 0.58% to close at 7,563.63.
- Nasdaq Composite: Rose 0.91% to close at 26,917.47.
- Dow Jones Industrial Average: Climbed 0.05% to 50,668.97.
The key market drivers today:
- Economic Data: Investors were cheered by softer-than-expected monthly inflation data, despite the Federal Reserve’s preferred PCE inflation gauge remaining elevated at 3.3% year-over-year in April.
- Geopolitical Hopes: A Wall Street rally was fueled by reports that the U.S. and Iran agreed to extend a ceasefire, which also dragged crude oil prices off their earlier highs.
- Tech & AI Rally: Historic earnings results sent multiple tech and cloud stocks soaring. Snowflake shares jumped around 30-36% following a massive sales outlook and a $6 billion deal with Amazon. Dell Technologies climbed roughly 18% after posting its fastest revenue growth since returning to public markets in 2018.
CNBC