From Nasdaq: 2024-07-11 08:00:00

U.S. stocks reached all-time highs on Jul 10, 2024, driven by Powell’s hawkish comments and a tech rally. The S&P 500 closed at a record high of 5,600, up 1% for the 37th time this year. Tech giants like NVIDIA, Apple, Microsoft, and Google led the surge, with Q2 earnings expected to rise by 25.5%.

Other sectors like Energy, Medical, Consumer Discretionary, and Finance are showing signs of recovery, with positive earnings growth expected in Q2. Powell’s comments hint at potential rate cuts in September due to cooling inflation and a slower labor market. The upcoming U.S. presidential election could bring uncertainty, but historically election years are positive for the S&P 500.

The S&P 500 closed the first half of the year at 5,460.48, with projections to hit 5,600. Analysts predict market breadth will expand, with a new target of 6,000 by Evercore ISI. Key ETFs to watch include VOO, IVV, SPY, and RSP. Stay informed with Zacks’ free Fund Newsletter for weekly updates on ETFs and market analysis.



Read more at Nasdaq: S&P 500 Tops 5,600: ETFs in Focus