Tech Stocks Propel Nasdaq to Record Highs Amid Market Rally

The S&P 500 reached its 25th record high this year, driven by strong performances from major technology companies like Nvidia and Apple. Bond yields fell as traders anticipated Federal Reserve rate cuts in 2024. The tech-heavy Nasdaq 100 also saw significant gains, bolstered by the AI sector. Investors are increasingly focusing on megacap stocks due to their robust cash flow and potential for growth, particularly in AI. The market rally is expected to continue into early summer, supported by passive equity allocations and favorable historical trends.