Yet the S&P 500 slipped past 7,800, closing at 7,827, and the Nasdaq Composite climbed 0.9% to 13,500, its highest level since March—Dow Jones added 250 points on the day.
Marvell Technology, after raising its full‑year guidance, saw its shares rise 3% in pre‑market trading. AMD CEO Lisa Su told investors that chip demand would stay strong for the next few years, and Nvidia’s market cap hovered around $6 trillion, a touch below its all‑time peak.
Oil steadied near $100 a barrel, while the 30‑year Treasury yield edged up to 5.9% from 5.7% a week ago, raising concerns that the recent bond‑yield dip may be temporary.
Only 34% of the index’s market capitalization comes from the so‑called Magnificent Seven, leaving 66% spread across 493 other companies—an indicator of a narrower rally.
CFTC data shows non‑dealer sales of S&P 500 futures exceeding $70 billion over the past six weeks, the largest outflow in 15 years.
The market will focus on the Fed minutes, consumer credit data, and Levi Strauss’s quarterly results, all due later this week.