Nasdaq and S&P 500 Reach Record Highs Amid Nvidia Surge and Strong Quarterly Earnings

The Nasdaq and S&P 500 hit record highs, driven by gains in Nvidia and other significant stocks ahead of inflation data and quarterly earnings reports. The S&P 500 reached an all-time high, buoyed by expectations of an interest-rate cut. Major tech stocks like Nvidia and Apple saw significant gains.

The Nasdaq and S&P 500 hit record highs on Wednesday, fueled by gains in Nvidia and other Wall Street heavyweights ahead of inflation data and quarterly earnings reports due this week.

This marked the fifth consecutive day of intraday record highs for both indices. The S&P 500 crossed 5,600 for the first time, driven by rising expectations of a rate cut in September following Federal Reserve Chair Jerome Powell's comments. Powell expressed some confidence in inflation moving towards 2% but remained cautious about declaring it sustainable.

The semiconductor index surged to record levels after Taiwan Semiconductor Manufacturing Co posted strong quarterly revenue, bolstering the AI narrative, according to Thomas Martin, a senior portfolio manager at Globalt Investments. Other significant gainers included Micron Technology, which rallied nearly 4%, and Nvidia, which rose 2.3% to a three-week high. Apple's stock climbed 1.4%, nearing a market value of $3.6 trillion.

(With inputs from agencies.)