The S&P 500 hit an intraday record of 7,844.52 on Tuesday and finished above 7,800 for the first time, according to market data from BIT (bit.com). The move came even as macro pressure remained elevated: the 10-year U.S. Treasury yield climbed above 5.3%, its highest level since 2002, while oil prices moved back above $100 a barrel. The Federal Reserve had already entered a rate-hike cycle, yet U.S. equities still pushed to fresh highs.
The rally was led mainly by large-cap technology names and AI-related stocks. Nvidia, Alphabet, Amazon, Apple, Meta, Microsoft, and Tesla — the so-called "Magnificent Seven" in this report — accounted for more than 34% of the S&P 500’s market capitalization, with their combined value rising to about $25 trillion on Tuesday, a record high. Nvidia gained 4.5% over the past week, while Meta rose 24% since Aug. 13. At the same time, market breadth continued to narrow, with fewer than half of S&P 500 components closing above their 200-day moving averages.
According to market data from BIT (bit.com), the S&P 500 touched 7,844.52 during Tuesday trading, setting a new intraday record, and closed above 7,800 for the first time.
At the same time, the yield on the 10-year U.S. Treasury rose above 5.3%, the highest level since 2002, while oil prices moved back above $100 a barrel. The Federal Reserve had already begun a rate-hike cycle, yet U.S. equities still reached fresh highs under multiple macro pressures.
Large tech and AI stocks led the advance
The report said the market’s gains were driven mainly by large-cap technology shares and the AI sector. Nvidia, Alphabet, Amazon, Apple, Meta, Microsoft, and Tesla accounted for more than 34% of the S&P 500’s total market capitalization, and their combined value climbed to about $25 trillion on Tuesday, a record high.
Among individual names, Nvidia rose 4.5% over the past week, while Meta gained 24% since Aug. 13.
Market breadth kept narrowing
At the same time, market breadth continued to weaken. On Tuesday, fewer than half of the S&P 500’s constituents closed above their 200-day moving averages. Small-cap stocks and the S&P 500 equal-weight index both lagged the broader benchmark.
Analysts said that with pressure from interest rates and inflation still in place, strong earnings, heavy capital spending, and solid balance sheets at AI giants have become a key support for U.S. equities. They also said the market’s reliance on a small group of large technology stocks is increasing.
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