S&P 500 Closes at 7,575 Near Record as Earnings Season Begins

The S&P 500 finished the week at 7,575, less than 1% from its June 2 record, after modest gains driven by renewed buying in AI leaders. The advance followed a sharp $2.2 trillion June drawdown in the Magnificent Seven and warnings that the broader S&P 493 has yet to show AI-driven margin gains. Volatility in high-momentum AI names hit a six-year high while equal-weighted benchmarks outperformed, signaling rotation. Markets now face a catalyst-heavy week with major bank earnings, June CPI, geopolitical oil risks, and further AI headlines.