The stock market spent most of the session moving sideways, but a late burst of buying activity pushed the major indices into record territory by the close. The Nasdaq Composite gained 0.4%, setting a new intraday and closing record at 21,891.42. The S&P 500 and DJIA also finished at new closing highs, adding 0.3% and 0.4%, respectively.
Leadership came from a broad base of sectors, with communication services standing out as the day’s top performer. The sector rose 1.7%, powered by strong gains in Alphabet, which climbed 2.47% to $239.94, and Meta Platforms, up 1.78% to $765.70. Mega-cap names were generally subdued throughout the session but caught a late lift, helping the Vanguard Mega Cap Growth ETF finish with a 0.3% gain after spending much of the day near its flatline.
Information technology and consumer discretionary, yesterday’s star sectors, recovered from negative territory to eke out small gains, a move that contributed meaningfully to the final push higher in the S&P 500 and Nasdaq Composite.
Only three sectors finished in the red: materials (-1.6%), industrials (-0.7%), and real estate (-0.1%). Despite the light news flow, UnitedHealth stole the spotlight with an 8.7% jump after updating its guidance. Apple traded lower, shedding 1.48% after its annual product launch event revealed a $999 starting price for the new iPhone Air and a $100 price hike for the iPhone Pro.
Economic news was limited but noteworthy. A preliminary benchmark revision showed payroll growth between March 2024 and March 2025 had been overstated by a record 911,000 jobs, confirming expectations for a significant downward adjustment. Markets took the news in stride, with little change in rate-cut expectations. Traders still fully price in a 25-basis point cut at the September FOMC meeting, while the probability of a 50-point cut eased to 8.2% from 10.6% the prior day.
Interestingly, smaller-cap stocks bucked the trend, with the Russell 2000 falling 0.6% and the S&P Mid Cap 400 losing 0.9%, even as large-cap indices set records.
Attention now shifts to the upcoming August PPI report, followed by CPI data on Friday. With the market perched near record highs, hotter-than-expected inflation readings could test investor confidence and the durability of the rally.
Our FTInvest 11 model portfolio bounced back strongly today, erasing yesterday’s decline and surging to a fresh all-time high. The index advanced 0.53% to close at 857.73, marking yet another milestone in its impressive run.
The day started on a firm footing, with steady buying interest pushing the index higher throughout the morning session. While momentum cooled slightly in the afternoon, buyers returned into the close, securing a finish above yesterday’s highs and setting a new record.
This latest move highlights the portfolio’s resilience and continued leadership relative to the broader market. The ability to rebound so quickly after a brief setback underscores strong underlying demand and keeps FTInvest 11 firmly positioned in record territory.
