Global Stocks and Nasdaq Reach New Record Highs
The Nasdaq and S&P 500 reached fresh record highs on Thursday as investors focused on the diplomatic summit between Presidents Xi and Trump in Beijing. While tech shares led the market gains, the British pound slumped following the resignation of a senior UK minister and calls for a leadership contest.
Global stock markets reached record highs on Thursday as a high-stakes summit in China and a tech-led rally outweighed geopolitical tensions. Major indexes including the Nasdaq and S&P 500 both hit fresh peaks during the session. Investors are prioritizing corporate earnings and AI growth over rising short-term borrowing costs in the United States.
### Narrow Breadth Shadows Global Records While the S&P 500 hit a record, market leadership remains concentrated in a small group of AI-related firms. FTSE Russell analysis showed that 13 stocks generated nearly 50% of the FTSE All-World return in April. LPL Financial analyst Adam Turnquist noted that 53% of S&P 500 stocks trade above their 200-day moving average, well below the 77% average typically seen at record highs. The long end of the U.S. bond curve also saw pressure, with the 30-year yield rising above 5%, raising concerns about Treasury borrowing costs and debt maturity profiles.
