S&P 500 hits intraday record high fueled by rate cut bets

The S&P 500 index ‌hit ​an intraday record ‌high on Wednesday, its first in over a ​month, as investors returned to AI stocks and bet the Federal ‍Reserve will cut rates ​again next year.

The index was last up 0.2% at ​6920.88 ⁠points, surpassing its previous intraday peak of 6,920.34, set on October 29, when AI bellwether Nvidia had helped push the benchmark above a $5 trillion market valuation for the first time.

U.S. stocks ‌have bounced back from their November lows as investors piled ​back ‌into heavyweight tech and ‍AI ⁠names heading into year-end. A benign inflation report and jobs report kept alive hopes of more interest rate cuts next year.

The benchmark index fell as much as 5.7% in November from its October peak, after investors grew wary of lofty tech valuations and ​a potential bubble in AI-linked stocks, even as Nvidia posted upbeat third-quarter earnings.

However, the AI trade regained momentum after chipmaker Micron Technology’s issued an outsized profit forecast last week.

As technology stocks swung, investors rotated into cyclical sectors such as financials and materials, helping the S&P 500 recover from its November slump.

The S&P 500 has risen more than 17% year to date, while the tech-heavy ​Nasdaq index is up more than 21% for the year and the blue-chip Dow has climbed more than 13% over the same period.

U.S. investors may soon have access to a greater array of products ‌tied ​to asset classes like private credit and crypto as ‌the Trump administration and SEC push to open markets, a change that some investment advisors say puts too much onus on individuals ​to protect themselves.

Both the White House and the Securities and Exchange Commission, under Chair Paul Atkins, have embraced offering investors more choice in order to tap into some asset classes that can ‍offer high returns.

Still, some financial advisors caution their clients, ​who typically invest in stocks and bonds, may not be able to fully comprehend the influx of new offerings already underway that market analysts expect to increase in 2026.

“Something negative ​will happen, and people ⁠will say, wait, I didn’t realize the risk I was taking,” said Mark Stancato, a founder of VIP Wealth Advisors in Decatur, Georgia, a registered investment advisor. He is concerned that investors may struggle to make informed decisions, particularly when evaluating their retirement assets.

The SEC and the White House said they remain focused on investor protection.

“Chairman Atkins is committed to ensuring the SEC maintains fair, orderly, and efficient markets while protecting everyday investors,” said Taylor Rogers, a White House spokeswoman, adding that the United States remained ‌the “best and most secure place” to invest.

An SEC spokesperson said the agency is focused on ensuring investors have access to “robust information to make informed decisions” on all ​new ‌products. Atkins said in a September address ‍that opening up access to private ⁠assets brings with it the need for appropriate guardrails.

A spokesman for the Department of Labor said it will design rules and guidance on best practices in offering private assets and other alternatives to retirement investors.

The Trump administration announced plans in August to give individual investors easier access to assets like private credit and private equity, asking the Secretary of Labor, whose office regulates retirement plans, to consult with other agencies including the SEC within six months. Atkins in November said that typical retirement vehicles such as target date funds forgo exposure to these assets, which disadvantages investors.