(Bloomberg) — The world’s largest technology companies drove stocks to all-time highs, while bond yields fell with traders almost fully pricing in two Federal Reserve rate cuts in 2024.
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The S&P 500 hit its 25th record this year, while the tech-heavy Nasdaq 100 climbed 2%. Nvidia Corp. — the poster child of the artificial-intelligence frenzy — led a rally in the “Magnificent Seven” megacaps to top $3 trillion in value. Apple Inc. rose for an eighth straight day — the longest winning run since March 2022. Hewlett Packard Enterprise Co. soared on strong AI server sales.
“The AI revolution is set to drive further growth,” said Solita Marcelli at UBS Global Wealth Management. “In addition to a strategic allocation to the tech sector, we see a particular opportunity in small-cap stocks supported by the beginning of the Fed’s easing cycle.”
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