S&P 500 Hits Record High, Chipmakers Fuel Wall Street Rally
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Moneycontrol•10-01-2026, 11:52
S&P 500 Hits Record High, Chipmakers Fuel Wall Street Rally
- •The S&P 500 index closed at a record high, driven by strong performances from Broadcom and other chip-making companies.
- •Despite a weaker-than-expected US jobs report, expectations for Federal Reserve interest rate cuts remained largely unchanged.
- •All three major Wall Street indices saw significant gains in the first full trading week of the year, with materials and industrials leading.
- •The PHLX Semiconductor Index reached a record high, with Lam Research, Broadcom, Alphabet, and Tesla showing notable increases.
- •Intel shares surged nearly 11% after former US President Trump's meeting with a chip company CEO, Lip-Bu Tan.
Why It Matters: S&P 500 reached a new record, propelled by chip stocks and sustained interest rate cut expectations.
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