📷 Image Credits: Investing.com
The stock market saw the S&P 500 and Nasdaq hitting all-time closing highs for the fourth consecutive session, driven by a surge in technology shares. The recent rally in the technology sector propelled the S&P 500 technology sector up by 1.4%, with semiconductor index also reaching record highs. Chipmaker Broadcom (NASDAQ:AVGO) raised its revenue forecast for semiconductors used in artificial intelligence technology, resulting in a 12.3% jump in its shares. Similarly, Nvidia (NASDAQ:NVDA) saw a 3.5% increase, while Apple (NASDAQ:AAPL) ended up by 0.5%. Market strategist Paul Nolte highlighted the dominance of tech stocks in the current market environment. Meanwhile, the Dow Jones Industrial Average fell slightly, while the Nasdaq Composite rose 0.34% and the S&P 500 gained 0.23%. After market close, Adobe (NASDAQ:ADBE) surged over 14% following strong second-quarter revenue. The overall market sentiment remains optimistic, with some concerns over the pace of economic growth. The industrials sector and the small-cap Russell 2000 index experienced declines, while Tesla (NASDAQ:TSLA) shares gained 2.9%. Investor attention is also on Elon Musk’s $56 billion pay package awaiting approval. Despite the record highs, some investors are cautious about signs of a potential economic slowdown. Volume on U.S. exchanges was lower than the average over the last 20 trading days, with decliners slightly outnumbering advancers. The S&P 500 recorded new 52-week highs and lows, while the Nasdaq Composite also saw new highs and lows.
