Nvidia's 11-Day Winning Streak Pushes S&P 500 Above 7,000 for First Time, Reflecting AI-Driven Market Optimism

The S&P 500 index opened above 7,000 for the first time today, marking a 10.7% rebound over the past 11 sessions. This recovery, driven by a 11-day winning streak in Nvidia shares and a 10% three-day surge in Microsoft, has restored the benchmark to pre-war levels. The index has only achieved a 10%-plus rally in 11 sessions 15 times this century, underscoring the speed and strength of the rebound. The resurgence follows a 17% compression of the index’s forward price/earnings multiple by the end of March due to war and AI disruption fears. The current rally is supported by strong earnings from semiconductor firms like TSM and ASML, both of which raised their 2026 revenue guidance, citing accelerated AI-driven capacity expansion. UBS forecasts a 17% rise in S&P 500 corporate profits for Q1 2024, the fastest growth since Q4 2021.