The S&P 500 reached a new all-time high on Thursday, topping 7,800 for the first time intraday with a record closing of 7,798.99. The energy sector surged nearly 6% week-to-date, while healthcare and financials each gained over 1%. The U.S. budget deficit reached $432.3 billion in July, the highest monthly level in over five years, and national debt is set to surpass $40 trillion in the coming days before reaching $50 trillion by 2029. The 30-year Treasury bond yield hovered around 5.24% on Friday, near levels not seen in over a decade. Michael Hartnett of Bank of America warns that rising yields and increasing national debt could derail the stock market’s strong run.
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