S&P 500: Tech rebound lifts index near highs – Deutsche Bank
|Deutsche Bank’s Jim Reid highlights that the S&P 500 closed within half a percent of its record high, supported by a rebound in software and broader tech stocks as AI fears eased. Nvidia, the NASDAQ and the Magnificent 7 all advanced, while US IG and HY spreads tightened from year‑to‑date wides. However, equal‑weighted S&P performance was flat, and homebuilders lagged sharply.
AI anxiety eases, breadth narrows
"There were no streaming eyes for the markets yesterday though as we saw another decent session, with the S&P 500 (+0.81%) closing within half a percent of its record high last month, whilst the STOXX 600 (+0.69%) hit a new all-time high."
"That was primarily driven by easing fears around AI, which meant that software and other tech stocks continued their rebound from Monday’s sell-off."
"Indeed, software stocks in the S&P were up +3.05% on the day, and the VIX index (-1.62pts) fell to a two-week low of 17.93pts."
"Ahead of those results, it had been a decent session on both sides of the Atlantic, with Nvidia (+1.41%) itself up to a 3-month high."
"However, the breadth of equity gains was narrower than on Tuesday, with the equal-weighted S&P essentially unchanged (+0.03%)."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.