Nvidia, Salesforce Push Stocks to 56th High: S&P 500 Sector Wrap

US stocks (S&P 500 +0.6%) hit a 56th record this year, buoyed by outperforming tech and sliding 10-year Treasury yields. Cash-minting Bloomberg Magnificent Seven stocks index closed at a record as well, led by Nvidia. Salesforce’s better-than-expected, AI-fueled results helped too.

Fed Chair Powell’s confidence about the economy and expectations for good relations with the Trump administration boosted sentiment. ADP Chief Economist Nela Richardson also said the economy looks strong; the firm’s data showed year-over-year pay gains for people staying in their jobs edged up for the first time in 25 months, to 4.8%.

BofA CEO Brian Moynihan ...