MARKETS HIT RECORD HIGHS AS TECH SHARES RALLY

The stock market continues to defy expectations as it reached yet another record high on Monday, with the S&P 500 and Nasdaq closing at all-time highs. Technology shares led the rally, with investors showing strong interest in AI and machine learning.

Joy Yang, head of product management and marketing at MarketVector Indexes, highlighted the continued focus on AI despite cautious guidance from the Federal Reserve. While the Fed is projecting only one potential rate cut, the stock market remains optimistic, with various indexes hitting all-time highs.

Apple and Microsoft saw gains on Monday, bouncing back from earlier losses. Chipmakers also performed well, with Broadcom, Micron Technology, and Taiwan Semiconductor all posting gains. However, Nvidia saw a slight decline after reaching a record high.

In a bullish move, Goldman Sachs and Evercore ISI raised their year-end targets for the S&P 500, citing the strength of the technology sector and enthusiasm for AI as key factors.

Looking ahead, this week’s economic data will include important reports on retail sales, housing starts, and the Purchasing Managers’ Index. Additionally, markets will be closed on Wednesday for the Juneteenth holiday.

Overall, the stock market’s resilience and the continued focus on technology and AI are driving the current rally, with investors remaining optimistic about the future. Stay tuned for more updates as the market continues to evolve.