SPX: S&P 500 Charts New All-Time High After 1.2% Jump, Magnificent Seven Drives Gains

Three of the heavyweight Magnificent Seven stocks continued to defy gravity and closed Friday’s session at fresh records.

• The S&P 500 (SPX) hit a new record high on Friday, closing the session at 4,839.81 points. The Wall Street benchmark added 1.2% on the day to cross into all-time high territory more than 500 days after the previous record was set in January 2022. What’s behind the bold move up?
• Investors are riding stocks to new highs, underpinned by the conviction that the Federal Reserve will bring inflation down without the need to keep interest rates higher for longer. What’s more, markets continue to play to the tune of three to six interest rate cuts still this year.
• The biggest winners of Friday’s rally were a bunch of tech stocks collectively called the Magnificent Seven. Three of the big dogs under the snappy nickname hit records on Friday – Facebook parent Meta META added 1.9% to $383.45, Nvidia NVDA jumped 4.2%, boasting a 24% increase on the year, and Microsoft MSFT rose 1.2% to maintain its presence as the world’s biggest company. The other four of the mighty pack are Apple AAPL, Tesla TSLA, Amazon AMZN, and Google parent Alphabet GOOGL.