The S&P 500 and Nasdaq Defy Gravity And Hit Record Highs
The S&P 500 and Nasdaq hit record highs as hopes of a US-Iran conflict resolution boosted markets, with the artificial intelligence boom contributing significantly to GDP growth and companies beating earnings expectations. The AI boom is driving a supercycle that is rewriting the US economy, with major companies like Meta, Alphabet, and Amazon seeing significant revenue growth.
The S&P 500 and Nasdaq reached record highs as markets rallied on hopes of a resolution to the US-Iran conflict. The artificial intelligence boom now comprises a significant percentage of GDP, driving growth. Companies have been beating earnings expectations, with around 85% of recent reports exceeding forecasts. Meta reported 33% revenue growth to $56.3 billion, while other hyperscalers like Alphabet and Amazon saw an acceleration in cloud spending. The AI boom is driving a supercycle that is rewriting the US economy, with the S&P 500 up nearly 7% YTD. The market was already near all-time highs despite uncertainty, and the promise of removing that uncertainty gave it a nudge to a new record.
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