Markets Rally to Record Highs as Broader Strength Leads the Way

The stock market shook off early losses on Thursday, powering higher through the session and sending both the S&P 500 and Nasdaq Composite to fresh all-time highs. While the opening action hinted at some profit-taking after Wednesday’s strong rally, investor appetite for risk quickly returned—particularly in small- and mid-cap stocks and across cyclical sectors.

Leadership came from the broader market, with the Russell 2000 and S&P MidCap 400 each rising 0.5%, and the equal-weighted S&P 500 advancing 0.6%. In contrast, the market-cap-weighted S&P 500 added 0.3%, reflecting a more modest showing from the mega-cap cohort. The Invesco S&P High Beta ETF surged 1.3%, highlighting a bullish sentiment across high-volatility names.

Although mega-caps started the day on a weak note, they ultimately stabilized, helping balance out the broader tape. Still, their relative underperformance weighed on the communication services (-0.5%) and information technology (-0.1%) sectors, the only two S&P 500 sectors to finish in the red.

Consumer discretionary stocks led the pack with a 1.0% gain, driven by strong earnings and upbeat guidance from Delta Air Lines (+12.0%), which reinstated its full-year outlook after previously pausing it due to tariff uncertainties. Tesla jumped 4.7% following reports it is awaiting approval to launch its Robotaxi service in San Francisco and has plans to expand into Arizona. Meanwhile, McDonald’s gained 1.8% after Goldman Sachs upgraded the stock to Buy.

In the bond market, Treasury yields held steady. An encouraging jobless claims report triggered a brief uptick in yields early in the session, but rate expectations remained largely unchanged, with the odds of a July rate cut still seen as unlikely.

Overall, Thursday’s session underscored continued confidence in the economic backdrop, with the rally broadening beyond just tech and mega-caps—a healthy sign for the bull market.

Our FTinvest 11 portfolio opened today’s session in negative territory, continuing the cautious mood seen at the start of the week. However, the weakness proved short-lived. Within the first hour of trading, the index regained its footing and decisively broke above its previous all-time high—a level that had held firm for more than six months.

Momentum continued throughout the session, lifting the index past the symbolic 800 mark for the first time ever. By the close, FTinvest 11 had climbed 1.34%, finishing at a new record high of 806.66.

The breakout underscores a strong underlying bid in the portfolio, with broad participation across sectors helping fuel the move. As market conditions remain supportive, today’s performance could mark the start of a new leg higher for the strategy.