Broad-based rally powers US stocks to record highs

The S&P 500 secured another all-time high with a 0.3% advance while the Nasdaq 100 eked out a gain to close at another record and extend its winning streak to seven, its longest since November.

Gains were broad based for the second straight day, but unlike the opening session of the week, the tech sector didn’t lead the way higher. More cyclical pockets of the market like financials, industrials, and energy were the top-performing US sector ETFs. Communication services and consumer discretionary were the laggards.

That being said, Nvidia did put in a strong showing, advancing 3.5% to pass Microsoft as the biggest publicly traded company. It’s the first time a company other than Microsoft or Apple has nabbed that top spot since 2019.

GE Vernova was the atop the S&P 500’s leaderboard, up 6.4% on little news but a notable pick-up in demand for call options. Homebuilder Lennar was near the other side of the spectrum, down 5% after its guidance for orders failed to impress analysts.

Bonds were well bid after US retail sales rose by less than expected in May, with a negative revision to April’s reading. The iShares 20+ Year Treasury Bond ETF gained 0.9% on the day.