From Investing.com:

The S&P 500 surges above 5,000 as tech stocks and lower inflation support bullish sentiment. At 15:08 ET, the index rose 0.5% to trade at 5,023.24, with the Nasdaq up 1.2% and the Dow Jones down 0.2%. Google, Apple, and Microsoft are driving big tech gains, which is also being buoyed by strong chip stocks.

Microsoft is on track to surpass Apple’s market cap record. Its current rally puts its market cap above $3.1 trillion. The artificial intelligence boom is expected to drive increased chip demand, further propelling tech stocks.

Inflation remains under control with a stable 3.3% annual rate for the fourth quarter. This solid economic footing is causing the Federal Reserve to maintain a cautious approach to interest rates, as it considers factors like a strong job market and rising transportation costs.

PepsiCo, Pinterest, and Take-Two Interactive saw their shares tumble due to softer guidance. PepsiCo’s missed EPS guidance was softened by favorable currency movements, while Pinterest and Take-Two Interactive’s lower forecasts have dampened investor confidence in both companies.

Cloudflare surged 21% after a strong earnings report and upbeat guidance, driven by new customer wins. The cloud computing company continues to be a strong performer in the tech sector.

Crypto stocks, including Bitcoin and companies like MARA, RIOT, and CleanSpark, rallied on a more than 4% rise in Bitcoin prices. Bitcoin is attracting more interest in the spot market, with the iShares Bitcoin Trust becoming one of the top five ETFs of 2024 by inflows.



Read more: S&P 500 jumps above 5,000 level as tech bulls strengthen grip By Investing.com