Stock Market Today, April 24: S&P 500 and Nasdaq Set New Highs on Tech Surge
The S&P 500 (SNPINDEX:^GSPC) rose 0.80% to 7,165.08, and the Nasdaq Composite (NASDAQINDEX:^IXIC) jumped 1.63% to 24,836.60 on powerful chip and AI strength. Both indexes closed at record highs today. The Dow Jones Industrial Average (DJINDICES:^DJI) slipped 0.16% to 49,230.71 amid pressure on cyclicals.
Market movers
Chip bellwether Intel soared 23% after a standout earnings report shattered its dot‑com‑era ceiling, boosting semiconductor stocks. Mega‑cap AI leaders, including Nvidia, Microsoft, and Meta Platforms, extended gains, deepening their dominance. Nvidia’s market cap retook the $5 trillion mark in the final hours of trading, another sign of surging tech sentiment.
What this means for investors
The war in Iran took a back seat today as Intel’s dramatic jump spurred chipmakers and mega-cap tech stocks. The Philadelphia Semiconductor Index, which focuses on top semiconductor firms, gained 4.32%, putting it on an 18-day winning streak.
News that the Department of Justice had dropped its investigation into Federal Reserve Chair Jerome Powell also buoyed markets. Closing the case could smooth the way for nominee Kevin Warsh’s appointment. It also removes lingering questions over Fed independence, which could have undermined confidence.
The Bank of England brought a note of caution to today’s tech highs. Deputy Governor Sarah Breeden warned that stock prices could fall and that tech stock valuations were stretched. So far, this results season has shown resilience with more earnings beats than normal. It will be important to watch earnings from major tech firms next week for any signs of weakness.
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Emma Newbery has positions in Nvidia. The Motley Fool has positions in and recommends Intel, Meta Platforms, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.
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