Closing Bell: Major Indexes Hit All Time Highs as Earnings Season Takes Center Stage

Key Points

• The S&P 500 and Nasdaq‑100 closed at fresh all‑time highs as equity momentum strengthened, led by Technology, Consumer Discretionary, and Communication Services.
• Meta and Broadcom extended their AI chip partnership through 2029.
• KeyBanc cut Zscaler’s price target while maintaining an Overweight rating, citing mixed channel checks.

The S&P 500 and Nasdaq‑100 notched fresh all‑time closing highs as the sharp rebound in equities continued to gain momentum. The S&P 500 rose 0.80%, the Nasdaq‑100 surged 1.40%, and the Russell 2000 added 0.30%. Information Technology, Consumer Discretionary, and Communication Services led the advance, while Materials and Industrials lagged on the day.

Meta–Broadcom Extend AI Chip Partnership

Meta Platforms (META) and Broadcom (AVGO) have expanded their AI chip partnership through 2029, anchored by an initial 1‑gigawatt deployment of custom MTIA AI silicon that will scale to multiple gigawatts over time. The deal reinforces Meta’s long-term push toward AI compute independence, leveraging Broadcom’s chip design, advanced packaging, and networking expertise, with the MTIA expected to be the first AI silicon built on a 2nm process.

KeyBanc Cuts Zscaler PT to $160 on Mixed Channel Checks

KeyBanc cut Zscaler’s (ZS) price target to $160 from $220 while reiterating an Overweight rating, citing mixed Q1 channel checks and a more uncertain IT spending environment. While overall meets/beats rates improved and near-term strength was seen in servers, storage, networking, and public cloud, the firm flagged slowing 2026 budget growth, weaker U.S. federal demand, and AI-driven spending rotation away from traditional software as key headwinds.

Market Events for Tomorrow (ET)

8:30 am

• Philly Fed Manufacturing Index
• Unemployment Claims

8:35 am

• FOMC Member Williams speaks

9:15 am

• Capacity Utilization Rate
• Industrial Production m/m

10:30 am

• Natural Gas Storage

10:35 am

• FOMC Member Miran speaks

Notable Earnings for Tomorrow

• A.M: ABT, BK, SCHW, CFG, JKS, KEY, PEP, MAN, PLD, TSM, TRV, USB, WIT

P.M: AA, NFLX

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