Nasdaq and S&P 500 Soar to Record Highs Amid Earnings and Inflation Data

The Nasdaq and S&P 500 hit record highs, boosted by Nvidia and other tech giants ahead of inflation data and earnings reports. Federal Reserve Chair Jerome Powell's comments on interest rates also contributed to the rally. Major companies like Apple and Nvidia saw significant gains.

The Nasdaq and the S&P 500 rallied to record high closes on Wednesday, driven by gains in Nvidia and other top Wall Street stocks ahead of crucial inflation data and quarterly earnings reports due this week. This marked the Nasdaq's seventh consecutive record close and the S&P 500's sixth.

Federal Reserve Chair Jerome Powell’s remarks during his second day of Congressional testimony further fueled the market rally. Powell stated that he wasn't ready to conclude that inflation was settling sustainably at 2% but expressed some confidence. This stoked expectations for a potential interest-rate cut in September.

Tech giants played a pivotal role in the market surge. The Philadelphia semiconductor index soared to record highs after Taiwan Semiconductor Manufacturing Co reported robust quarterly revenue, bolstering the AI narrative. Additionally, Apple reached a new high, pushing its market value to approximately $3.6 trillion.