NVDA reached an all-time high, while the S&P hit a pre-market record after adding $500B in market value the prior day and surpassing $70T. The post says large-cap tech—including TSM, NVDA, META, GOOGL, SPCX, AMD, AVGO, and MSFT—is driving the index despite weak market breadth; bond yields are down and oil is at a two-week low. It frames the rally as either a bull trap or the market anticipating lower yields and oil, which could reduce the chances of a Fed hike.