S&P 500 melts up to yet another record high as momentum rules

The S&P 500 closed at a record high, after topping 7400 for the first time, as the seemingly relentless rally in semiconductor stocks – as well as the three biggest mega-cap techs – gathered momentum.

“We continue to see positive risk/reward in the S&P 500,” Fundstrat Global’s Tom Lee said. “While some investors remain wary and even sceptical of this strength in equities, in our view, the US stock market is rising for the right reasons.

Source: https://www.afr.com/markets/equity-markets/nvidia-apple-reset-record-highs-as-us-stocks-melt-ever-higher-20260509-p5zv8l