The US stock market reached new historical highs today, with both the Nasdaq and S&P 500 setting new records, continuing the strong performance from yesterday.
This upward movement followed the Federal Reserve’s unexpectedly dovish stance, reaffirming expectations for three interest rate cuts this year and taming concerns over the last two inflation data points that had worried markets.
This shift has spurred risk-taking and improved overall market sentiment, providing fresh support for a stronger rally in the major US indices.
The technology sector, in particular, is capitalizing on current market conditions, with mega caps as well as chip makers leading the way including Micron Technology which surged more than 16% following better-than-expected earnings.
Mega-cap stocks such as Microsoft and Meta were experiencing gains, with the notable exception of Apple, which is facing downward pressure due to news of the Justice Department’s intention to sue the company for antitrust violations.
