US equities rally on softer inflation data, lifting the S&P 500 to a new high with broad sector participation and tech outperformance.
The S&P 500 climbed 0.65% to a record high as cooling inflation and lower oil prices bolstered expectations of steady Federal Reserve policy. Rate-sensitive sectors and major tech indices, including the NASDAQ (+0.81%), led gains, with the equal-weighted S&P 500 (+0.74%) also hitting a new peak.
The rally extended to semiconductor stocks, with the Philly index up 0.46%, while the Magnificent 7 rose 1.20%. Earlier, European markets dipped slightly, with the STOXX 600 down 0.04% for a second session, contrasting with Asia’s mixed performance.
S&P 500 futures remained flat, while Nasdaq futures slipped 0.15%. European futures rebounded modestly, up 0.25% to 0.5%.