S&P 500 Holds Near Records as Consumer Sentiment Hits Low

On June 4 the S&P 500 stayed near its record highs even as University of Michigan consumer sentiment plunged to an all-time low. The benchmark had closed at 7,609.78 on June 2 after five straight record sessions, fueled by a semiconductor rally that sent Marvell up 33% and lifted the Philadelphia Semiconductor Index nearly 6%. By June 3 the index traded at roughly 33x trailing earnings for the first time in five years, prompting Goldman Sachs to lift its year-end target to 8,000 while hyperscalers signaled $670 billion in AI-related capex.