The S&P 500 Index reached a record high, driven by strong performances from Nvidia and Oracle, which benefited from recent developments in artificial intelligence. Nvidia led the gains among megacap stocks, while Oracle surged nearly 7% following the announcement of an AI venture at the White House. Despite a public disagreement between Elon Musk and OpenAI CEO Sam Altman over funding for a $100 billion AI initiative, investor enthusiasm for AI-related opportunities remains robust.
Broader market dynamics also played a role, with a 2 basis point increase in 10-year Treasury yields to 4.6%, indicating a shift from bonds to equities as investors seek higher returns. Meanwhile, the dollar's fluctuations and a dip in crude futures, alongside a rise in precious metals, suggest a mixed economic outlook with some investors hedging against potential risks. Cryptocurrencies, including Bitcoin, faced pressure, reflecting a cautious stance in more volatile asset classes.
The S&P 500 closed at 6,086.37 as of 16:11 on January 22, marking a 0.6% increase from its last close of 6,049.24. The index briefly touched an intraday high of 6,100.81, underscoring the market's resilience amid ongoing economic and geopolitical uncertainties.