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Nvidia, Apple power S&P 500, Nasdaq to new highs as record breaking US market rally continuesGoldman Sachs has raised its three-month projection on the S&P 500 to 6,800, along with his six and 12-month estimates to 7,000 and 7,200 respectively.By Hormaz Fatakia   September 23, 2025, 4:45:58 AM IST (Published)2 Min ReadBenchmark indices on Wall Street posted yet another day of gains to begin the new trading week on a positive note, led by strong buying interest in Nvidia and Apple, major constituents of the indices.

The Dow Jones recovered over 350 points from the lows of the day to end above the flat line, while the S&P 500 notched its 28th record high of 2025 to close near the 6,700 mark. The Nasdaq also edged closer to the 23,000 mark, registering a record high of its own.

Nvidia shares surged after it announced a $100 billion deal with OpenAI to help the later build data centers with at least 10 GW power. The stock now has nearly $4.5 trillion in market capitalisation. Apple's share also surged 4% and turned positive for 2025 on reports of strong demand for its new iPhone 17, particularly the pricier version.

Oracle Corp. added to its rally for the year, gaining another 6% after announcing that two of its officials will be promoted as Co-CEO, while incumbent chief Safra Catz transitions to become Executive Vice Chair on the company's board. With this, the stock has nearly doubled in value so far in 2025.

Goldman Sachs has raised its three-month projection on the S&P 500 to 6,800, along with his six and 12-month estimates to 7,000 and 7,200 respectively.

Morgan Stanley said that in case the Fed continues to cut rates despite inflation being higher, revenue and earnings growth could come in much stronger than anticipated.

During the last 40 years, the S&P 500 has gained 15% over the next 12 months when the Fed has cut rates despite a strong economy. CFRA research said that in years when the S&P 500 makes at least 20 new record highs before August, it gains at least 5.5% on average in the next four months of the year.

UBS though has continued to maintain their base case for the S&P 500 to be at 6,800 by June 2026 and 7,500 in a bull case scenario.

At least two Fed officials speaking on Monday have cautioned against further rate cuts, while Donald Trump appointee Governor Stephen Miran, said that the rates should be much lower to avoid damaging the economy.Continue ReadingCheck out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!TagsApple share priceDow JonesNasdaq CompositeNvidia share priceS&P 500US MarketWall Streetwall street at record high