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Home / Business and Economy / Tech Stocks Power S&P 500 to New Highs

Tech Stocks Power S&P 500 to New Highs

13 Jan

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Summary

S&P 500 and Dow hit record closing highs Monday.
Technology sector expected to lead S&P 500 earnings growth.
Financial stocks fell after Trump's proposed rate cap.

U.S. stock markets, including the S&P 500 and Dow Jones Industrial Average, closed at record highs on Monday. Investors showed resilience, mostly overlooking a criminal investigation initiated by the U.S. Justice Department concerning Federal Reserve Chair Jerome Powell. This investigation, purportedly related to comments on a building renovation, had initially caused stocks to open lower. Despite this, technology stocks and retailers like Walmart saw significant gains, contributing to the overall market surge.

Analysts are forecasting robust earnings growth for the technology sector, projecting a 26.5% year-over-year increase for the current quarter, and overall S&P 500 earnings are expected to rise by 8.8%. The reporting season officially commenced with major banks releasing their results. Conversely, the financial sector experienced a downturn, with stocks like Citigroup and American Express falling after President Trump suggested a 10% cap on credit card interest rates effective January 20, 2026.