S&P 500 closes above 7,800 as narrow tech rally renews Burry warning

  • The S&P 500 gained 0.58%, reached an intraday record and closed above 7,800 for the first time.
  • Only 15 of 504 constituents matched all-time highs, while the median stock remained 25% below its peak.
  • Technology shares led the advance as Michael Burry maintained that markets were in a denial phase before a possible downturn.

The S&P 500 gained 0.58% on Tuesday, reaching an intraday record and closing above 7,800 for the first time in a fourth consecutive positive session. The advance remained narrow: only 15 of 504 constituents, or 3%, also reached records, while TradingView data showed the median stock was 25% below its peak. The concentration renewed attention on Michael Burry's warning that markets are in the "first stage of grief, denial" before a potential crash. Technology and artificial-intelligence-linked shares, including Marvell Technology and Advanced Micro Devices, led gains, while Treasury yields paused near multiyear highs and investors awaited the Federal Reserve's September meeting minutes. The timing and scale of any correction remain uncertain.

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