[New York Stock Market Briefing] AI-led Rally... S&P 500 Hits Intraday Record High

The major indices of the New York Stock Exchange all rose. As Donald Trump, the President of the United States, announced investments in artificial intelligence (AI) infrastructure, buying interest was focused on technology stocks.

On the 22nd (local time) in the New York Stock Exchange, the Dow Jones Industrial Average closed at 44,156.73, up 130.92 points (+0.3%). The S&P 500 rose 37.13 points (+0.61%) to 6,086.37, and the Nasdaq Composite closed at 29,034, up 252.56 points (+1.28%).

The S&P 500 hit a record high of 6,100.81 during the day. It was the first time in about a month since the 6th of last month. As President Trump officially announced support for AI infrastructure investment, major big tech stocks showed strong performance. NVIDIA rose 4.43%, and Microsoft, the largest investor in OpenAI, rose 4.13%.

Earlier, President Trump held a press conference at the White House with Sam Altman, CEO of OpenAI, Larry Ellison, Chairman of Oracle, and Masayoshi Son, Chairman of SoftBank, to announce the establishment of their AI joint venture 'Stargate'. Oracle, a participant in Stargate, rose 6.75%, and ARM Holdings, a semiconductor design company and a subsidiary of SoftBank, soared 15.93%.

Netflix surged 9.69%. The number of paid subscribers surpassed 300 million, and its fourth-quarter earnings exceeded expectations. Netflix also unveiled plans to raise prices. Bank of America raised its target price for Netflix to $1,175. Netflix's closing price on the day was $953.99.

However, the Russell 2000 index, composed of small-cap stocks, fell 0.61% on the day, leading to analysis that the New York Stock Exchange rally is limited to some AI-related big tech stocks. Matt Stucky, Chief Equity Portfolio Manager at Northwestern Mutual, evaluated, "The current bullish narrative is limited to big tech, and other companies are just holding on."

Jin Young-ki, Hankyung.com reporter young71@hankyung.com