Investing.com -- The S&P 500 closed at a record high Monday, shrugging off a climb in Treasury yields as tech stocks continued to march higher amid ongoing Fed speak and flew of key economic data due later this week.) led the broader market gains, with the latter up 2% adding to recent gains as it seeks to usurp Microsoft as the most valuable follow its plans to push into artificial intelligence.
"In a nutshell, we believe this tech bull market has legs that will ultimately broaden out to the rest of software, consumer tech, cyber security, semis, and infrastructure over the next 12 to 18 months," the Wedbush analysts said in a recent note.Philadelphia Fed president Patrick Harker said Monday, he expects only one rate cut if the economy progresses as expected as the current level of rates will likely push inflation lower and prevent upside inflation risk.