Wall Street Hits New Records as Tech Rally Narrows

CNBC reported Thursday that Wall Street extended its winning streak as the S&P 500 record high above 7,500 marked a fresh milestone for U.S. equities. The Dow Jones Industrial Average also crossed 50,000. Overnight futures were little changed following the close.

Markets Close at Record Highs Across the Board

The S&P 500 gained 0.8% on Thursday to seal its seventh consecutive weekly advance. The Nasdaq Composite rose 0.9%, matching the S&P’s streak. The Dow added around 370 points, or 0.8%, and is on pace for its sixth positive week in seven. Futures edged marginally lower overnight, with Dow contracts off around 27 points. Nasdaq 100 futures were fractionally positive.

Also Read: Fed Holds Rates Steady as Inflation Data Remains Mixed

A Rally Running on Fewer Engines

Despite the headline strength, some market watchers are flagging a growing imbalance. Keith Lerner, chief investment officer at Truist Advisory Services, told CNBC that the so-called broadening trade has effectively stalled. Lerner noted that softer economic conditions are showing up in smaller corners of the market. Large-cap technology names are carrying an outsized share of the gains. That dynamic leaves the broader rally looking fragile to some observers.

Background: An AI-Fueled Run Since Early 2026

The surge in equities has been closely tied to renewed enthusiasm around artificial intelligence. Major tech platforms and chipmakers have driven index returns higher for much of this year. That concentration echoes similar patterns seen during the narrow rallies of late 2023 and late 2024. Both of those prior streaks eventually gave way to pullbacks once momentum in the leading names faded.

Also Read: Cerebras Systems Surges on Public Markets Debut

SpaceX, Earnings, and the Trade Summit Add to the Mix

Several other stories are running alongside the market action. SpaceX is reportedly preparing to release its IPO prospectus as early as next week, following a confidential filing in April. Applied Materials climbed roughly 2% in after-hours trading after its fiscal second-quarter results topped Wall Street estimates on both revenue and profit. Separately, investors are tracking the U.S.-China summit wrapping up Friday. Both nations agreed Thursday that the Strait of Hormuz must remain open to shipping. Asian markets pulled back Friday morning, with South Korea’s Kospi retreating from a fresh record above 8,000 and Japan’s Nikkei declining 0.9%.

Read Next: What the AI Hardware Race Means for Semiconductor Valuations