Dow Reclaims 50,000 as S&P 500 Tops 7,500 for First Time

CNBC reported Thursday that Wall Street notched another banner session, with the S&P 500 record high crossing 7,500 for the first time ever and the Dow Jones Industrial Average reclaiming the psychologically significant 50,000 level.

The S&P 500 gained 0.8% on the day. The Nasdaq Composite added 0.9%, also finishing at a record. The Dow closed up roughly 370 points, or 0.8%, to settle back above the 50,000 mark it had previously surrendered.

A Rally Built on Tech

The current surge is being driven overwhelmingly by the largest technology companies rather than the broader market. Keith Lerner, chief investment officer at Truist Advisory Services, told CNBC that a “broadening trade has really fizzled out.” He noted that sluggish economic conditions are showing up in the mid- and small-cap segments of the market, even as mega-cap tech names push headline indexes to new peaks. The result is an increasingly top-heavy rally that some strategists find troubling.

Both the S&P 500 and the Nasdaq are now on pace for their seventh consecutive weekly gain. The Dow is heading for a sixth winning week in seven.

After-Hours Movers Add to Optimism

Semiconductor equipment maker Applied Materials climbed roughly 2% in extended trading after its fiscal second-quarter results topped Wall Street estimates on both revenue and earnings per share. The company posted adjusted earnings of $2.86 per share against a $2.66 consensus, on revenues of $7.91 billion versus a $7.65 billion forecast.

AI chipmaker Cerebras Systems extended its after-hours advance, building on a stunning 68% surge during its Nasdaq debut on Thursday. Design software firm Figma also jumped approximately 10% after-hours following a first-quarter earnings beat.

SpaceX IPO and Geopolitics in Focus

Beyond earnings, investors are watching two major macro events. SpaceX is reportedly planning to release its public IPO prospectus as early as next week, following a confidential filing in April. The anticipated share sale is expected to rank among the largest in market history.

Separately, a U.S.-China summit wrapping up Friday has kept traders alert. Both nations agreed Thursday that the Strait of Hormuz must remain open to shipping. Talks have covered trade, tariffs, Iran policy, and Taiwan, and any concrete outcomes could move markets when they surface.

Overnight futures were essentially flat. Dow futures dipped fractionally, S&P 500 futures edged lower by a similar margin, and Nasdaq 100 futures posted a slim gain, suggesting traders see little reason to chase or fade the day’s records before Friday’s open.

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