Despite all the drama and all the dips, surprise, surprise, here comes another S&P 500 all-time high.
The first half of 2025 was a wild ride, to say the least.
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However, with all the chaos, comebacks, and curveballs, the S&P 500 might pull off a surprise that rewrites the first-half script.
The S&P 500 ended at 6,092 on Wednesday, shy of its February peak of 6,144.
Oil bounced 1.4% as Middle East tensions eased, and big-picture worries like tariffs and the spending bill paused.
However, let’s just say the next move might be heating up before the opening bell rings again.
Market buzz builds with the S&P 500 near peak.
Image source: Weiss/Getty Images
From bull runs to pullbacks, the market’s still charging
The S&P 500’s ride through 2025 so far has been a total financial soap opera.
We’re talking highs, steep drops, and nonstop global turmoil that’s kept investors strapped in tight.
The S&P 500 wrapped 2024 around 5,815, before ripping past the 6,000 mark by January 23, closing at 6,118.71.
By February 19, it hit a fresh all-time high of 6,144.15, and profit-taking hit the brakes.
Two key drivers drove those gains, including blowout earnings and cooling inflation. Mega-cap tech continued to storm ahead, smashing expectations across the board.
Related: S&P 500 surges after surprising consumer confidence report
At the same time, price pressures started easing, with hopes that the Fed might pump the brakes on rate hikes.
However, by mid-March, the market dropped over 4% from its February high, sliding into correction territory.
It was flirting with 5,800 again by early April, with the early-year gains wiped out.
However, markets didn’t stay down for long.
The recovery picked up steam with strong jobs data, cooling inflation, and the Fed hinting at a more dovish stance.
By the close of May, the index was back above 6,000.
A big part of the recent bullishness is down to the U.S.-brokered ceasefire in the Middle East, easing fears of a broader conflict.
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Thursday’s Wall Street futures hint at a fresh milestone for the S&P 500
Early Thursday action had S&P 500 futures at 6,165.25, up 0.30%, above February’s all-time high of 6,144. Barring any surprise, the S&P 500 could open up to a fresh record and maybe even push higher.
Related: Rare event may send S&P 500 soaring
Dow futures were sitting at 43,411.00, up 0.24%, and Nasdaq 100 futures climbed 0.42% to 22,555.50.
Investors will be eying some major near-term catalysts.
For starters, the Senate tax-cut bill aims for a July 4 passage, potentially swaying corporate earnings forecasts, sparking fresh momentum.
Moreover, durable goods orders are expected to pop 8.6%, and a Q1 GDP revision showing a -0.2% slip, highlighting the economy’s resilience.
Also, the Fed’s updated balance sheet drops later today, which will help assess how tight or loose financial conditions are at this point.
Hence, with so many moving parts, every headline matters. But for now, even a modest bump in futures is keeping hopes alive that the S&P’s next record is within touching distance.