Tech rally lifts Nasdaq and S&P 500 to fresh records despite hotter inflation

U.S. stocks climbed to new records as a tech-led rally pushed the Nasdaq up about 1.2% and the S&P 500 up 0.6% even as wholesale inflation came in hotter than expected; the Dow slipped slightly. Nvidia, Apple and other megacap names helped drive gains within the Magnificent Seven amid AI optimism, while the Senate confirmed Kevin Warsh as the next Fed chair and bond yields rose toward 2026 highs, signaling continued inflation pressure and a potential rate backdrop for markets.