Tech Giants Push S&P 500, NASDAQ to Fresh Records Amid AMD’s Remarkable Rally
Nasdaq and S&P 500 advanced to fresh record highs on Tuesday, driven largely by the powerful upswing in technology and chip-related stocks.
Quick overview
- The Nasdaq and S&P 500 reached record highs, driven by strong gains in technology and chip-related stocks.
- The S&P 500 closed up 24.49 points at 6,740.28, while the NASDAQ Composite rose 161.16 points to 22,941.67.
- Major tech stocks like Tesla and AMD saw significant gains, with AMD's shares soaring 23.71% after a partnership announcement with OpenAI.
- Despite the tech rally, the Dow Jones fell slightly, indicating mixed investor sentiment amid concerns over industrial earnings.
Live SP500 Chart
Nasdaq and S&P 500 advanced to fresh record highs on Tuesday, driven largely by the powerful upswing in technology and chip-related stocks.
Record Closes for S&P 500 and NASDAQ
The broader market maintained its upward momentum, with both the S&P 500 and the NASDAQ Composite ending at all-time closing highs.
The S&P 500 added 24.49 points, or 0.36%, to finish at 6,740.28, buoyed by strong gains in technology and consumer discretionary sectors that easily offset mild losses in energy shares.
Nasdaq Chart Daily – The Rally That Never Ends
Meanwhile, the NASDAQ Composite jumped 161.16 points, or 0.71%, to close at 22,941.67, leading the day’s advance as large-cap tech companies continued to attract heavy investor interest.
Major U.S. Indices – Mixed Close
- Dow Jones Industrial Average: fell 63.31 points (-0.14%) to close at 46,694.97, pressured by weakness in several blue-chip financial and industrial names.
- S&P 500: gained 24.49 points (+0.36%), finishing at 6,740.28 as strength in technology and consumer discretionary stocks offset mild declines in energy.
- NASDAQ Composite: advanced 161.16 points (+0.71%) to 22,941.67, leading the day’s gains on the back of strong performances from large-cap growth tech companies.
- The split performance reflects continued investor rotation into tech and growth stocks while industrials and some cyclical sectors lagged.
Top Gainers Driving Momentum
- Tesla (TSLA): climbed +5.47% (+$23.53), supported by upbeat delivery expectations and renewed EV demand optimism.
- Super Micro Computer (SMCI): rose +5.12% (+$2.66) after upbeat analyst commentary on its role in AI server production.
- SoFi Technologies (SOFI): gained +4.46% (+$1.13) on reports of stronger-than-expected customer acquisition in Q3.
- DoorDash (DASH): added +3.88% (+$10.52) as food delivery demand trends stayed robust.
- Palantir (PLTR): jumped +3.73% (+$6.46) amid optimism around new AI software contracts.
- Uber (UBER): up +3.59% (+$3.47) following improved guidance tied to mobility and delivery segments.
- Dell Technologies (DELL): advanced +3.57% (+$5.03) as investors bet on enterprise hardware upgrades driven by AI-related spending.
Market Takeaway
- Tech outperformance: Growth and AI-linked stocks continued to lift the broader market even as some traditional sectors cooled.
- Rotation in focus: Investors appeared to rotate capital away from cyclicals into large-cap growth, pushing the NASDAQ higher.
- Overall sentiment: The mixed close suggests that while investor appetite for innovation remains strong, concerns about industrial earnings and economic softness are still weighing on the Dow.
Tech Stocks Lead the Charge
Technology remained the engine of growth as investors poured money into AI-linked and consumer-tech names, highlighting Wall Street’s preference for innovation-driven sectors even amid lingering macroeconomic uncertainties.
The session showcased how these segments are increasingly pivotal in sustaining market momentum and how sectoral imbalances—growth versus cyclical stocks—may shape the next phase of the rally.
AMD’s Standout Performance
The day’s spotlight shone on AMD, whose shares soared 23.71% to $203.71 after the company announced a strategic partnership with OpenAI.
Despite the stunning jump, the rally faced a late-session pullback: AMD’s intraday high reached $226.71, briefly surpassing its previous all-time closing peak of $211.38 but stopped short of its historic intraday record of $227.30. The retreat from those highs suggested some profit-taking after the sharp surge.
Market Outlook
The strong performance of growth stocks once again underscored the market’s resilience in the face of industrial weakness and economic headwinds. Investors remain fixated on AI-driven innovation, but the concentration of gains in a narrow set of leaders raises questions about the durability and breadth of the rally as earnings season progresses.
S&P 500 Live Chart
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