The S&P 500 Index's record high was largely driven by strong performances from major tech companies like Nvidia and Oracle, which have been buoyed by recent advancements in artificial intelligence. Nvidia's leadership among megacap stocks and Oracle's nearly 7% surge following an AI venture announcement at the White House have fueled investor enthusiasm for AI-related opportunities. Despite a public spat between Elon Musk and OpenAI CEO Sam Altman over funding for a $100 billion AI initiative, the market's appetite for AI remains undeterred. Broader market dynamics, including a slight rise in 10-year Treasury yields and mixed signals from the dollar and commodities, indicate a complex economic landscape with investors balancing between equities and hedging against potential risks.
The Invesco S&P 500 Equal Weight ETF (RSP) closed at $181.49, down 0.35% from its previous close of $182.13, as of 16:20 on Wednesday, January 22.