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Nvidia helped the stock market storm back, but this summer’s broadening theme never went away

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S&P 500

A massive rally in Nvidia and the tech sector has overshadowed a solid performance from the rest of the S&P 500 as the index moves toward record highs.

) — have added more than $1.4 trillion in market cap, nearly half of the S&P 500's $3.2 trillion market cap gain since Aug. 5.that given how tech led the losses in the drawdown, it "makes sense that they're going to rebound.""This would be the ninth day in a row the S&P is up," Niles Investment Management founder Dan Niles told Yahoo Finance on Tuesday. "It's the longest streak since 2004.

A sign is displayed on a Nvidia office building in Santa Clara, Calif., Wednesday, Aug. 7, 2024. And while the AI trade has once again been leading the market's latest leg higher, there have been promising developments under the surface at play too.), which is less influenced than the cap-weighted S&P by moves in Big Tech, just hit a new record high.

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