S&P 500 has reclaimed its record territory, climbing 0.5% to 7,004 points after a dramatic rebound from Iran war losses. President Trump's comments suggesting the conflict could end "almost immediately" combined with strong corporate earnings fueled the recovery, marking the index's biggest 10-day advance since the 2020 pandemic bounce.
Technology stocks spearheaded the rally, with tech shares in the index surging more than 15% from their conflict low. Chipmaker Nvidia led the charge with a 19% jump, as investors shifted focus from Middle East energy concerns to bullish earnings forecasts, particularly in AI and tech sectors.
Investors responded by pouring $111bn into US equity funds over the past month while reducing exposure to European and Asian assets. A Bank of America survey showed fund managers increasing US allocations, with valuations now at attractive levels following the recent sell-off, driving renewed interest in American stocks.
Source: Financial Times Markets · Summarized by HeadlinesBriefing