S&P 500 HITS RECORD HIGH, CHIP STOCKS EXTEND RALLY
On Thursday, Wall Street experienced a positive surge, with the Nasdaq leading the charge fueled by gains in chipmakers. The S&P 500 reached an intraday record high, reflecting investors' optimism regarding the potential interest rate cut by the Fed in June. The Philadelphia Semiconductor index hit a new record high, propelled by a 3.2% surge, with Qualcomm leading the rally among chipmakers. Rate-sensitive information technology stocks led the pack, rising by 1.5%.
Several megacap growth and technology stocks also saw gains, with Meta and Nvidia up by 2.7% and 3.4%, respectively. Federal Reserve Chair Jerome Powell's remarks further boosted market sentiment, stating that the central bank is nearing the threshold of confidence regarding inflation reaching the Fed's 2% target, which could pave the way for interest-rate cuts. These developments contributed to the overall positive mood on Wall Street, driving the major indexes higher.
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