Wednesday's big stock stories: What’s likely to move the market in the next trading session
A rally in tech stocks and cooler Treasury yields lifted the S&P 500 to an all-time high and a record close on Tuesday.
TL;DR
- S&P 500 closed at a new record high, up 23% from its March 30 low and 14% year to date.
- Nasdaq-100 and Nasdaq Composite also reached new highs, showing strong gains from March lows.
- Jim Cramer advised a positive outlook on stocks, suggesting a focus on potential growth rather than risks.
- Market performance is divided, with AI and tech stocks leading while equal-weight ETFs lag.
- Tech was the only S&P sector to hit a high on Tuesday, up 51% from its March 30 low.
- Federal Reserve minutes from the September policy meeting are scheduled for release.
- Private equity firms like Apollo, Ares, KKR, and Blue Owl have seen significant declines from their highs.
- Microsoft has a key artificial intelligence event scheduled, focusing on the future of personal computers.
- Housing stocks face challenges including higher mortgage rates, existing home inventory, and low affordability.