S&P 500 Refreshes Its First Record Since August
Strong earnings season and artificial intelligence enthusiasm have pushed the S&P 500 index to its highest level since August.
The S&P 500 continued its upward trend by breaking its first record since August, supported by strong corporate earnings and investments in the artificial intelligence sector.
Market Record and Rally Streak
The index marked its fourth consecutive rise, preparing for its longest winning streak recorded in about two months. Strong corporate financials and the resilience of the U.S. economy have been influential in the S&P 500 gaining around 14 percent throughout this year.
Artificial Intelligence and Low Oil Prices Impact
Enthusiasm for the artificial intelligence sector and low oil prices, which alleviated concerns over rising consumer costs, provided additional support to the markets. Experts emphasized that macro data shows the risk of recession to be very low and that Fed policies do not pose a risk.
Position Development in the Technology Sector
While the Nasdaq 100 gained 0.5 percent at 09:33 local time, positions in its futures contracts also recorded a noticeable improvement. Citigroup strategists stated that the technology-heavy index achieved the strongest weekly position improvement among major markets.
Pessimistic Picture in Small-Cap Companies
The picture continued to follow a more mixed course in other segments of U.S. equities. Investors increasing their short positions in Russell 2000 futures revealed a pessimistic stance towards small-cap companies.
Large-Scale Futures Liquidations
According to the analysis of CFTC data, non-commercial investors sold approximately $70 billion worth of S&P 500 futures contracts over the past six weeks. This development constitutes one of the largest position liquidations seen in about 15 years.