SPY Hits Record High Led by Nvidia, Mega-Cap Tech Stocks
• SPY ETF reached a record high, boosted by AI stocks like Nvidia after strong earnings • Magnificent Seven mega-cap tech stocks have over 27% cumulative weighting in SPY • Nvidia is SPY’s 3rd largest holding at 4.23% • SPY trading in a rising wedge pattern; breakout above or below could signal future direction • Rally saw broad participation beyond tech, with every S&P sector rising except utilities