The S&P 500’s 5 largest companies all exceed top and bottom-line estimates in their June quarter reports. Tech giants: Apple AAPL, Amazon AMZN, Facebook FB, Alphabet GOOGL, and Microsoft MSFT drive roughly 23% of the S&P 500. These 5 innovation-driven enterprises makeup 47% of the tech-driven Nasdaq 100 and have pushed this index to all-time highs today.

Tech’s robust Q2 results are rippling optimism through the equity markets. The S&P 500 is trading at its highest level since the COVID-crisis began, only 2% off its all-time high.

Can this tech-driven momentum continue to drive the stock market to continuously new highs?

Will the equity markets completely discount this year’s medically induced economic coma?

There is still quite a bit of pain and uncertainty ahead with a wave of bankruptcies and foreclosures looming. We need cyclical names like energy, utilities, and financials to join in on this rally for the stock market’s surge to continue.

This big win by big tech has put a tailwind in the market’s sails. Let us see how far it takes stocks.

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