The S&P 500 closed at an all-time high of 7,563 on Thursday, May 28, extending a powerful equity rally driven by technology and artificial intelligence stocks. The benchmark index has now risen more than 10% from its March lows, when the outbreak of the US-Iran conflict briefly rattled investor sentiment before markets refocused on corporate earnings and AI infrastructure spending.

The Nasdaq Composite also hit a fresh record, with semiconductor stocks leading gains. The rally reflects a broader repricing of AI’s long-term value, as major technology companies continue to announce multi-billion dollar data centre buildouts. Analysts at Bank of America noted the speed of the recovery has few historical parallels, with the S&P gaining over 60% from its late March trough in under two months.

For global commodity markets, the equity surge carries mixed signals. Strong US equities point to resilient consumer demand, which supports industrial commodity prices including copper, aluminium, and energy. However, a robust dollar — often a companion to equity strength — could weigh on commodity-exporting emerging markets by making dollar-denominated goods more expensive to buyers using weaker currencies.

Japan’s Nikkei 225 also hit a record close of 65,880 on Friday, reflecting a global risk-on tone. The synchronised rally across major indices suggests institutional capital is rotating away from safe havens and back into growth assets, a significant shift from the risk-off environment that dominated April.