Stock Market Today: Live Updates

Traders work on the trading floor of the New York Stock Exchange.

Brendan McDermid | Reuters

The S&P 500 climbed to a new record high on Wednesday, breaking above 5,600 for the first time, as a surge in semiconductor stocks sent the market higher.

The broad market index rose 1.02% to close at 5,633.91, marking its seventh straight day of gains. Nasdaq Composite rose 1.18%, also hitting an all-time high, closing at 18,647.45. It was the 37th record close in 2024 for the S&P 500 and the 27th for the tech-heavy Nasdaq. The Dow Jones Industrial Average rose 429.39 points, or 1.09%, to close at 39,721.36.

Chip stocks were among the biggest gainers of the session. Taiwanese semiconductor Added 3.5% after April-June revenue topped Wall Street estimates. Comparable chip companies Qualcomm rose by 0.8%, and Broadcom rose about 0.7%. Artificial intelligence darling Nvidia rose by 2.7%.

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The S&P 500 hit a new record high on Wednesday.

The moves come as investors await fresh inflation data on Thursday with the release of the June consumer price index report. The data follows comments from Federal Reserve Chair Jerome Powell on Tuesday and Wednesday that stoked investor hopes for a rate cut in the second half of the year.

“There are some things that look a bit airy, but there is no indication yet that [megacap technology] “Earnings can’t support those valuations,” said Scott Welch, chief investment officer at Certuity. “It’s important to remember that seven to 10 stocks make up 30% to 40% of the S&P 500 market cap … if there’s any slippage, it’s going to have a magnified effect.”

Economists polled by Dow Jones expect a month-on-month increase of 0.1% and a year-on-year gain of 3.1%. Core CPI, which excludes energy and food prices, is expected to have risen 0.2% from the previous month and 3.4% from a year earlier. The producer price index is due to be released on Friday.

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