The S&P 500 Index's record high was fueled by strong performances from tech giants like Nvidia and Oracle, which have been buoyed by 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 kept investor enthusiasm high for AI-related opportunities. Broader market dynamics, including a 2 basis point rise in 10-year Treasury yields to 4.6%, indicate a shift from bonds to equities as investors chase higher returns. Meanwhile, fluctuations in the dollar, a dip in crude futures, and a rise in precious metals suggest a mixed economic outlook, with some investors hedging against potential risks.
The Direxion Daily S&P 500 Bull 3X Shares (SPXL) saw a notable increase, closing at $184.79, up 1.62% from the previous close of $181.84, and currently trading at $184.64 as of 16:20 on Wednesday, January 22.