S&P 500 and Nasdaq Hit Record Highs as Tech Stocks Rally

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Wall Street’s midweek rally underscores a coexistence of optimism and caution: a booming AI-stoked tech sector and monetary uncertainty.

By S JHA

Mumbai, October 9, 2025 — US equities surged to record levels on Wednesday, powered by renewed strength in technology shares, even as the Federal Reserve’s rate-cut debate and an ongoing government shutdown kept investors cautious.

According to CNBC, the S&P 500 climbed 0.58% to close at an all-time high of 6,753.72, buoyed by record finishes in the information technology, utilities, and industrial sectors. The Nasdaq Composite rose 1.12% to a fresh peak of 23,043.38, while the Dow Jones Industrial Average slipped a marginal 1.20 points to 46,601.78.

The rebound followed Tuesday’s brief pullback triggered by an Oracle slump that cast doubt on the durability of the artificial intelligence trade. Oracle shares recovered modestly on Wednesday as broader tech momentum returned.

Nvidia rose 2% after CEO Jensen Huang told CNBC that demand for computing power has “gone up substantially” in recent months. Huang also confirmed Nvidia’s participation in Elon Musk’s xAI financing round, calling it a “super exciting opportunity.” Meanwhile, AMD shares jumped 11% as its OpenAI partnership continued to energize the chip sector.

Markets showed little response to minutes from the Federal Reserve’s September meeting, where policymakers made the first rate cut of 2025. The minutes revealed a divided Fed over the pace and depth of future cuts. Futures markets now price in a 95% chance of another cut later this month.

The Wall Street Journal reported that gold’s record-breaking run continued, with futures rising more than 1% to new highs above $4,000 per ounce, extending Tuesday’s milestone close. Silver also advanced, nearing its 1980 record.

The surge in precious metals, along with gains in bitcoin, reflects investor anxiety over the dollar’s long-term strength and concerns about currency debasement, even as the greenback showed modest gains against the yen and euro.

Treasury yields were little changed following a 10-year note auction, the first since the government shutdown began its second week.

Wall Street’s midweek rally underscores an uneasy coexistence of optimism and caution: a booming AI-stoked tech sector against a backdrop of monetary uncertainty, record gold prices, and a still-paralyzed US government.

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