S&P 500 shares climb to a fresh record

The S&P 500 climbed to a fresh record on Wednesday, breaking above 5,600 for the first time due to a sharp rise in semiconductor stocks. The broad market index jumped 1.02%, closing at 5,633.91 and notching a seventh straight day of gains.

The Nasdaq Composite advanced 1.18%, also hitting an all-time high and ending at 18,647.45. It was the 37th record close in 2024 for the S&P 500 and the 27th for the tech-heavy Nasdaq. The Dow Jones Industrial Average added 429.39 points, or 1.09%, to close at 39,721.36. Chip stocks were among the largest winners of the session, with Taiwan Semiconductor adding 3.5% after revenue from April to June came in ahead of Wall Street estimates.

Peer chip firms Qualcomm ticked higher by 0.8%, and Broadcom rose about 0.7%. Artificial intelligence darling Nvidia climbed 2.7%. Economists polled by Dow Jones expect a 0.1% month-over-month advance and a 3.1% year-on-year gain. Core CPI, which excludes energy and food prices, is forecast to have expanded 0.2% from the prior month and 3.4% from a year earlier. The producer price index is set for release Friday.

Spotify races ahead this year. It is believed that Spotify is the “Kleenex of streaming with a better product than Apple in terms of music and streaming. Spotify shares are up nearly 65% this year. Other stocks traders favour include Starbucks and First Citizen Bancshares.

HubSpot tumbled 13% after Bloomberg reports that Alphabet shelved efforts to buy HubSpot. Shares were off by more than 13% just after 3:30 p.m. ET.