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yesterday

S&P 500 Reaches New High on Tech Surge and Tariff Pause

A wave of AI investments underpinned by eased geopolitical tensions has driven stocks to peak levels despite rare overbought signals

Traders work on the floor of the New York Stock Exchange during morning trading on June 23.
Most Asian markets tracked a record-breaking day on Wall Street
A staff of the Tokyo Stock Exchange (TSE) looks at a stock quotation board at the TSE in Tokyo, Japan December 30, 2024. REUTERS/Kim Kyung-Hoon/File Photo
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Overview

  • The S&P 500 closed at a record near 6,173 on June 27 as megacap tech stocks propelled the benchmark to new heights.
  • The so-called ‘Magnificent Seven’ cohort has added about $4.7 trillion in market value since early April, led by Nvidia, Microsoft and Meta Platforms.
  • One of the rarest overbought technical signals has flashed on the S&P 500, signaling that the rally could be vulnerable to a pullback.
  • The Federal Reserve has paused its rate-cut cycle after three reductions in late 2024, with traders now targeting September for the next easing move.
  • Market participants are watching upcoming US macroeconomic data and a July 9 deadline on key tariff negotiations to gauge sentiment.