Earnings Momentum Lifts S&P 500 to Record High at 7,600

The S&P 500 reached a fresh record high of 7,600 on June 2, capping a 16% rally since early April driven by corporate earnings that continue to exceed expectations. The advance began with Q1 GDP growth of 1.6% and resilient bank outlooks in late May, then broadened amid global PMI expansion signals and strong tech results that offset rising yields. UBS kept its 7,900 year-end target while warning of tech concentration risks, as Oppenheimer and Citadel Securities cited earnings momentum as the dominant driver sustaining the uptrend amid an AI-led wealth effect.