Tech Surge Drives Market to New Highs

The stock market extended its record-setting streak today, with the S&P 500 (+0.6%) and Nasdaq Composite (+1.1%) both closing at fresh all-time highs. A strong, all-day rally in the information technology sector (+1.5%) powered the advance, while the Dow Jones Industrial Average (+0.1%) lagged due to mixed performance across its components.

Technology stocks led the charge from the opening bell after NVIDIA (NVDA 189.06, +4.02, +2.17%) CEO Jensen Huang’s upbeat CNBC interview stoked renewed enthusiasm for AI growth. Semiconductor names surged in response, propelling the PHLX Semiconductor Index up 3.4% for the session. Advanced Micro Devices (AMD 235.56, +24.05, +11.37%) stood out as the best-performing S&P 500 stock, adding to its impressive rally following this week’s partnership announcement with OpenAI. Dell Technologies (DELL 164.53, +13.66, +9.05%) also built on momentum after raising its long-term revenue growth outlook.

Despite the sector’s broad strength, Fair Isaac (FICO 1695.01, −184.54, −9.82%) weighed on the group after Equifax undercut its new pricing initiative with a deep discount on competing credit scores. Still, technology remained the day’s clear leader, followed by industrials (+0.9%), utilities (+0.7%), and consumer discretionary (+0.6%).

Defensive and rate-sensitive sectors were weaker. Energy (−0.6%), financials (−0.5%), consumer staples (−0.5%), and real estate (−0.5%) all closed lower, with energy stocks sliding despite crude oil’s +1.4% rebound to $62.57 per barrel.

Breadth held positive for most of the day—advancers led decliners roughly 8-to-5 on the NYSE and nearly 2-to-1 on the Nasdaq—as investors continued favoring growth names and AI-related plays. The Russell 2000 (+1.0%) and S&P Mid Cap 400 (+1.0%) both outperformed, rebounding after a sluggish week.

From a macro standpoint, the September FOMC minutes offered few surprises, reiterating that most Fed officials see room for further easing before year-end but remain watchful of labor-market softness. With the ongoing government shutdown expected to delay this week’s jobless-claims release, attention now turns to the upcoming earnings season for the next directional cue.

Today’s move capped a solid session of momentum buying, reaffirming that despite macro uncertainty and data disruptions, optimism around technology and AI continues to propel the market’s record-breaking advance.

Our FTinvest 11 model portfolio ended the session slightly lower, slipping 0.37% to close at 852.22, as modest profit-taking emerged following a string of strong sessions earlier in the month.

Trading opened on a steady note but quickly lost traction by midday, mirroring broader market hesitation in the face of mixed global sentiment and a pause in momentum across growth-heavy sectors. Several of the portfolio’s leading technology and consumer names eased from recent highs, while defensive components provided only limited support.

Despite the pullback, losses were contained throughout the session, and the index managed to stabilize in late trading, suggesting that investor confidence remains intact even as short-term enthusiasm cools.

The FTinvest 11 continues to hover close to record territory, maintaining a constructive longer-term trend. With earnings season approaching and inflation data on the horizon, today’s mild retreat appeared more like a momentary pause than a shift in direction — a breather in an otherwise resilient run.