S&P 500: New highs despite global caution – Deutsche Bank

FXStreetApr 28, 2026 8:22 AM

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Deutsche Bank analysts observe that United States (US) equities continue to outperform, with the S&P 500 and NASDAQ reaching fresh record highs even as global risk sentiment remains cautious. They note strong gains in the Mag-7, led by Nvidia’s surge in market capitalization, while the Philly semiconductor index finally snapped an 18-session winning streak.

US tech leadership remains intact

"Yesterday marked another day of US equities shaking off more sombre global market sentiment, with the S&P 500 (+0.12%) and the NASDAQ (+0.20%) reaching new record highs."

"The Mag-7 (+0.64%) outperformed ahead of the results from Alphabet, Microsoft, Amazon and Meta tomorrow."

"But it was Nvidia (+4.00%) that led the Mag-7 gains, reaching a new record market capitalization of $5.26trn. Its market cap has risen by $1.25trn over the past four weeks."

"Despite that Nvidia advance, the Philly semiconductor index (-1.00%) fell after a record run of 18 consecutive gains, during which the index had risen +47.2%."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

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