Markets
Record high
(Photo by Ezra Shaw/Getty Images)

Stocks hit record in intraday trading

Tech giants are the leading the run with an assist from Home Depot.

Matt Phillips

Solid numbers on retail spending and hopes that a half-point cut from the Fed will put additional wind in America’s economic sails has propelled the S&P 500 to a fresh intraday record in early trading on Tuesday.

Tech giants Microsoft, Amazon, and Nvidia are the biggest contributors of the day. But Home Depot is also doing yeoman’s work, likely reflecting both the strength of today’s retail numbers and the hopes that the US housing market could spring to life if the Fed cuts as expected on Wednesday.

The bogey to beat at closing is 5,667.20, the high water mark we reached on July 16, when small caps and “real economy” stocks grabbed the baton from AI shares that had been leading the rally for much of the year.

And as Luke pointed out earlier, an ebullient stock market hasn’t historically been a reason for the Fed to hold back at all on rate cuts. Happy days.

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