The S&P 500 hit an all-time intraday high of 7,844.52 points on Tuesday, closing above 7,800 for the first time and surpassing its August 13 peak. This recovery follows months of oil shocks, rising borrowing costs and the start of a Federal Reserve rate hiking cycle. The rally is being driven by a handful of AI-linked stocks, with the so-called Magnificent 7 (Nvidia, Alphabet, Amazon, Apple, Meta, Microsoft and Tesla) representing over 34% of the index’s market cap. However, Shawn Snyder, economic strategist at Potomac Fund Management, warned of weakening market breadth and potentially calmer-looking but more turbulent underlying movements if inflation does not ease.
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