Tech stocks are powering this record-setting rally on Wall Street — but how long can it last?

Isabel Wang

Sun, Jun 29, 2025, 2:30 PM 6 min read

After months of anxiety over tariffs, inflation, Middle East tensions and so much more, the S&P 500 and Nasdaq Composite have scaled yet another wall of worry — mounting a strong comeback and returning to record territory for the first time in months.

See: S&P 500 scores record high for first time in 4 months. What could push stocks higher from here?

• My wife and I have $7,000 a month in pensions and Social Security, plus $140,000 cash. Can we afford to retire?

• My job is offering me a payout. Should I take a $61,000 lump sum or $355 a month for life?

• ‘He doesn’t seem to care’: My secretive father, 81, added my name to a bank account. What about my mom?

• I’m a stay-at-home. Do I take a part-time job to spend more time with my kids — or get a job for six figures?

• What drove stock market’s record-breaking week? Don’t overlook growing rate-cut expectations.

Investors now wonder whether the new records signal the start of a longer-lasting rally in the U.S. stock market, or if it’s merely a short period of boom before the next big shakeout. For some strategists, the answer hides in one of the market’s most longstanding questions: How broad is the rally?

Technology stocks have been at the forefront of the market’s record-setting rally. The so-called Magnificent Seven cohort of megacap tech names — which includes Apple Inc. AAPL, Microsoft Corp. MSFT, Nvidia Corp. NVDA, Amazon.com Inc. AMZN, Google parent Alphabet Inc. GOOGL GOOG, Meta Platforms Inc. META and Tesla Inc. TSLA — have collectively added $4.7 trillion in market capitalization since the stock market’s April 8 closing low, bringing their total market value to nearly $18 trillion as of Friday afternoon, according to Dow Jones Market Data.

Also leading the gains on the S&P 500 SPX were shares of Coinbase Global Inc. COIN, which have surged over 140% since April 8, making it the top performer among the large-cap index’s 500 components. Following closely behind are shares of Seagate Technology Holdings STX and Microchip Technology Inc. MCHP, which also logged notable gains of over 100% in the same period, according to Dow Jones Market Data (see table below).

Beyond individual names, tech-related sectors have also stood out as the best performers on the S&P 500 since April 8. The S&P 500’s information-technology sector XX:SP500.45 has popped over 41% since early April, while the communication-services sector XX:SP500.50 is up nearly 28%, compared with the 24% gain for the broader index over the same period, according to FactSet data.