S&P 500 Rises with Dow as Magnificent Seven Earnings Fuel AI Boom Hopes

The S&P 500 advanced about 0.4% with the Dow climbing 1.3% (over 500 points) as Magnificent Seven earnings reinforced AI capex optimism near $725 billion annually. This built on April 27 gains led by Nvidia (+3.7%) and Alphabet (+2.4%), when the index hit 7138.80 amid narrow megacap leadership via the Roundhill Magnificent Seven ETF (+0.9% vs. S&P +0.1%). Cooling PCE inflation (+0.7% m/m headline, +0.3% core) and jobless claims at 189,000 bolstered risk appetite, though Brent crude's intraday spike to $126 tempered gains with inflation risks.