New Record High in S&P 500 and Dow, Ahead of the FED Meeting

The US stock market’s rally today has been led by a strong performance in the technology sector, with S&P 500 and Dow Jones making a new record high. Microsoft (MSFT) saw a 1.6% increase, while Amazon (AMZN) led consumer cyclicals with a 1.2% rise. Nvidia (NVDA) followed the trend, climbing 1.68%, capping a robust day for semiconductor stocks and technology as a whole.

Optimism is riding high on the back of solid earnings reports and upbeat forecasts from major tech companies. However, not all tech giants participated in the rally. Apple (AAPL) experienced a modest decline of 0.25%, likely due to profit-taking after its recent run-up. Despite this, overall market sentiment remains positive, with investors maintaining a bullish outlook for the sector and beyond.

S&P 500 Chart Daily – Closing Below the Resistance

What an impressive run in the stock market. The S&P 500 climbed another 0.8% today, marking its seventh consecutive day of gains, inching ever closer to surpassing the all-time high of 5,669 points set in July nd paced a new record high at 5671 points. This week-long winning streak has defied significant resistance levels, raising the stakes for tomorrow’s Federal Reserve decision. No matter what the Fed does, the market could be in for disappointment. If they opt for a 25 basis point cut and stocks slip, it might be seen as insufficient, signaling that the Fed has fallen behind the curve. On the other hand, if they go with a 50 basis point cut and equities drop, it could spark concerns that the Fed acted out of panic. Fed Chair Jerome Powell will face the challenge of managing market expectations and clearly outlining the path ahead.

S&P 500 Live Chart