Tonight, US stocks surged again and set new record highs.

On the night of October 6, all three major US stock indexes rose sharply — the Dow gained about 300 points; the Nasdaq climbed roughly 0.7% to a new high; and the S&P 500 advanced around 0.6%, also reaching a record peak.

The tech-heavy Nasdaq 100 index rose about 0.7%, hitting a new high as well. The Philadelphia Semiconductor Index gained more than 1%.

Among individual stocks, shares of Advanced Micro Devices (AMD) and Nvidia reached new highs. AMD CEO Lisa Su expects chip demand to remain "very high" in the coming years. Su said the company plans to significantly increase chip supply by 2027 to meet booming AI demand.

AI technology stocks rallied broadly, with Marvell Technology surging more than 6%. On the news front, the company released long-term revenue guidance at its investor day. Marvell expects revenue to reach $20 billion in fiscal 2028, above the $18.17 billion analysts surveyed by FactSet had anticipated. Over the longer term, the company projects revenue of between $70 billion and $90 billion in fiscal 2031, far exceeding the current consensus estimate of $47.04 billion.

However, memory chip stocks fell collectively. Crude oil prices tumbled, easing market concerns about inflation and giving the US Treasury market some breathing room. Despite risks from rising energy costs and interest rates, US stocks overall remained resilient.

Analyst Kyle Rodda said the current market narrative still mainly revolves around the path of global monetary policy and geopolitical shifts, but one less-discussed factor is that corporate earnings performance remains resilient.

Ulrike Hoffmann-Burchardi of UBS Global Wealth Management's Chief Investment Office said the US economy remains supportive of corporate revenue and profit growth. She said: "We remain very bullish on the AI growth story and believe AI-related investment remains a powerful tailwind driving the broader stock market higher. A favorable economic growth environment and strong corporate earnings also mean profit growth could spread from the tech sector to more industries."

Anthony Saglimbene of Ameriprise, a US wealth management firm, said that historically, as long as the economy and corporate profits continue to grow, stocks can typically withstand even a rising interest rate cycle. He said: "If the economic growth and corporate earnings outlook for 2027 remains solid, energy prices stabilize or decline, and the Federal Reserve signals that this rate hike cycle will not last too long, then stocks still have room to rise further. Of course, for US stocks to keep climbing through the end of the year, it will likely also require AI trade to remain stable."

That's all for tonight. Taylor is off to the movies to support consumer spending.

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