"Tech Surge Propels S&P 500 to New Record High"

The S&P 500 reached a fourth consecutive record high close, driven by a surge in Netflix following strong quarterly results and gains in chipmakers. Microsoft hit an all-time high, pushing its market value above $3 trillion for the first time. The Nasdaq also reached its highest level since January 2022. Business activity picked up in January, and inflation appeared to abate, indicating a strong start to the year for the U.S. economy. Traders are reassessing their bets on the timing of interest rate cuts by the Federal Reserve, with an 85.5% chance of a rate cut in May according to CME Group's FedWatch Tool.