It’s a bullish day on Wall Street, with major U.S. large-cap indices reaching record highs, driven by broad-based rallies in tech-related stocks as investors continue to embrace the AI trade.
The U.S. government announced on Wednesday the National Science Foundation, in collaboration with prominent tech companies specializing in artificial intelligence (AI) and nine other federal agencies, is launching a pilot program designed to establish a shared AI research infrastructure.
The S&P 500 Index surged past 4,900 points, maintaining its upward trajectory for the fifth consecutive session. This index, comprising 500 of the largest U.S. stocks, has achieved a remarkable 17% return over the past three months, marking its most robust three-month rally since June 2020 and the second most vigorous since May 2009.
Microsoft Corp. (NYSE:MSFT) attained a significant milestone, reaching a $3 trillion market capitalization and matching Apple Inc. (NASDAQ:AAPL) as the world’s most valuable company. Microsoft holds the highest weight in the S&P 500 index, with a 7.3% stake.
The Nasdaq 100 also experienced remarkable growth, surpassing 17,660 points. The tech-heavy index is on track for its 11th gain in the last 13 sessions, and potentially its 12th positive week in the last 13.
The Dow Jones Industrial Average inched 0.3% up, while the Russell 2000, which is tied to small-cap stocks, lagged, screening a flat performance.
On the data front, U.S. private sector activity surveys for January indicated the strongest growth in the past seven months, led by a robust performance in the service sector and signs of recovery in manufacturing. Investors now await advance estimates of the fourth quarter U.S. GDP, scheduled for Thursday.
Elsewhere, the People’s Bank of China (PBoC) cut the Reserve Requirement Ratio (RRR) for banks by 50 basis points. This move is anticipated to inject approximately $139.45 billion into the market, complementing other stimulus measures recently introduced by Beijing. Chinese-related stocks, as gauged by the iShares China Large-Cap ETF (NYSE:FXI), responded positively, with a 3% increase following a 4.5% rally the previous day.
In currency and commodities markets, the U.S. dollar weakened slightly, gold prices dipped by 0.5%, and oil prices climbed by 1%. Meanwhile, Bitcoin…
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