S&P 500 approached record high on Thursday due to tech stock surge

The S&P 500 closed inches from a record high on Thursday, climbing 0.8% to 6,101. The rally was driven by easing tensions between Israel and Iran, which increased investor appetite for riskier assets, including tech stocks. The market also got a boost from speculation that US President Donald Trump might soften his stance on tariffs, according to Bloomberg.

Jay Woods of Freedom Capital Markets highlights the resilience of the current rally, which continues to gain momentum despite trade uncertainty. Since Trump imposed tariffs on April 2, the S&P 500 has risen 8.3%, while shares of tech giants like Microchip Technology and Seagate Technology have surged by 100%.

However, Bloomberg cautions that risks remain. Trade deals with the EU and China have yet to be finalized, while economic data points to slowing US growth. Some strategists, including analysts at JPMorgan, warn these factors pose a threat to the index’s rally. Despite these concerns, many Wall Street firms are revising their S&P 500 targets upward, betting the peak of uncertainty has passed, says the news agency.