Nasdaq, S&P 500 soar to record highs amid earnings and inflation data

The Nasdaq and S&P 500 both hit record high closes Wednesday, boosted by gains for Nvidia and other top Wall Street stocks ahead of key inflation data and quarterly earnings reports due this week. It was the Nasdaq’s seventh straight record close and the S&P 500’s sixth.

Federal Reserve Chairman Jerome Powell’s comments during his second day of testimony before Congress further fueled the market rally. Powell said he wasn’t ready to say inflation had stabilized at 2% sustainably, but expressed some confidence. That fueled expectations of a potential rate cut in September.

Tech giants played a key role in the market’s surge, with the Philadelphia Semiconductor Index rising to record highs after Taiwan Semiconductor Manufacturing Co. reported solid quarterly revenue, bolstering the AI ​​narrative. Apple also hit a new high, boosting its market value to about $3.6 trillion.

(Disclaimer: Based on information obtained from the agency.)