S&P 500 Hits Record High, Chipmakers Fuel Wall Street Rally

• The S&P 500 index closed at a record high, driven by strong performances from Broadcom and other chip-making companies.
• Despite a weaker-than-expected US jobs report, expectations for Federal Reserve interest rate cuts remained largely unchanged.
• All three major Wall Street indices saw significant gains in the first full trading week of the year, with materials and industrials leading.
• The PHLX Semiconductor Index reached a record high, with Lam Research, Broadcom, Alphabet, and Tesla showing notable increases.
• Intel shares surged nearly 11% after former US President Trump's meeting with a chip company CEO, Lip-Bu Tan.

Why It Matters: S&P 500 reached a new record, propelled by chip stocks and sustained interest rate cut expectations.