Tech stocks, including Apple and Meta, reach all-time highs, boosting S&P 500

From Forbes: 2024-07-05 16:08:56

On Friday, major stock indexes hit all-time highs as top tech companies soared to record valuations. The S&P 500 and Nasdaq closed at historic levels after revealing higher unemployment than expected, potentially prompting interest rate cuts. Companies like Microsoft, Apple, and Amazon saw significant gains, adding $224 billion in market value.

The uptick in big tech stocks came as Nvidia, Oracle, and Arm Holdings also reached new highs. Tesla, Netflix, Costco, and Walmart set record stock prices, with the S&P noting lower trading volume on the second-lowest trading day in the past year. The stock market’s strong performance this year has been tied to optimism around generative AI.

Among the billionaires benefiting from the tech stock surge were Mark Zuckerberg, with a $10 billion gain, and Google’s cofounders Sergey Brin and Larry Page, each gaining $3.5 billion. Elon Musk and Jeff Bezos also grew wealthier as their respective companies hit new highs. The surge in tech stock prices is attributed to investor optimism about AI technology’s potential.



Read more at Forbes: Apple And Meta Stocks Hit All-Time Highs As S&P 500 Sets New Record