The market continues to exhibit resolve, moving higher, and near session highs. The S&P 500 and Nasdaq Composite established a new record high today.

Stocks turned higher after Nvidia (NVDA) announced it would invest up to $100 billion in OpenAI in the coming years. The stock is back near its all-time highs.

Other magnificent seven that are moving higher today are Apple (AAPL) and Tesla (TSLA), which are offsetting losses in the rest of the pack.

Technology (XLK) is the only sector in the green and getting a boost from semiconductors and Oracle (ORCL), which is trading higher after the White House confirmed that it would place TikTok under a U.S. consortium with Oracle overseeing security operations. Meanwhile, Consumer Staples (XLP) is the laggard, after shares of Kenvue (KVUE) moved lower due to news that Trump officials are planning to announce results that link Tylenol use during pregnancy to Autism.

Both gold and silver futures are making a notable move higher following last week’s rate cut decision.

We had three Fed speakers today. Voting member Fed Musalem supported last week’s 25-basis point rate, while noting the monetary policy lies in a proper line between modestly restrictive and neutral. Meanwhile, Fed Miran (also voting member) described the current monetary policy as overly restrictive.