The S&P 500 climbed to its highest level since February, which marked the S&P 500’s all-time high. The index closed up 0.7%, with chipmakers leading the charge as Nvidia Corp. and Advanced Micro Devices Inc. will supply semiconductors to Saudi Arabian firm Humain for a massive data-centre project. The US CPI, a broad measure of goods and services costs across the U.S. economy, increased 2.3% year over year in April, lower than expected, opening the door for rate cuts sooner, rather than later. Donald Trump is helping equities, beating the stock market drum from Saudi Arabia: The stock market is “gonna go a lot higher,” Trump noted, citing an “explosion of investment and jobs” as he said Saudi Arabia would commit to investing $1 trillion in the US.
- We believe it’s a matter of when, not if, the S&P 500 makes fresh all-time highs, now less than 5% away.
