The S&P 500 reached a new milestone by closing above 6,500, reflecting a broad-based rally across the stock market. Analysts noted that the market has shown resilience, overcoming recent negative sentiment and benefiting from strong earnings, particularly in mega-cap growth companies.

Wall Street

The S&P 500 reached a new milestone by closing above 6,500, reflecting a broad-based rally across the stock market. Analysts noted that the market has shown resilience, overcoming recent negative sentiment and benefiting from strong earnings, particularly in mega-cap growth companies.

The rally has also expanded to include software and AI-related stocks, with companies like Autodesk and Palantir seeing gains. Experts suggest that the software sector is poised for further growth as businesses increasingly implement AI solutions. While some sectors, such as PCs, have faced challenges, the overall outlook remains positive, especially with continued strength in AI infrastructure and related industries.

S&P 500 closes above 6500, a new record high

For more on this record market day now, let's bring in Kestra Investment Management Chief Investment Officer Cara Murphy and G-Squared Private Wealth Chief Investment Officer and CNBC Contributor Victoria Green. Welcome to both of you. Let's see, where should we start? Cara, an everything rally is a fair description of what we've had so far. How long can it continue? That's a good question. And we've been able to sort of consume and digest and move beyond a lot of negative information over the last couple of months. You know, it's hard to remember just a few short months ago, we were essentially in the middle of a bear market. Since then, stocks have incredibly rallied and we've seen a fairly wide dispersion in types of names that have been able to rally on that news. Now, much of the earnings and much of the strength has remained concentrated within this, you know, mega cap growth story. But we've seen other names be able to follow through such that things like the advanced decline line is at highs that we've seen over the last couple of years. And really what we're seeing is this incredible resilience in both earnings and the broader economy. And as long as that can continue, then I think the market can continue. But as soon as we start to see chinks in that armor of earnings power of individual companies, then I think people will start to call this rally into question. Well, Victoria Green, what do you make of the not only NVIDIA earnings that we had last night, but then potential software turnaround? We saw some pretty strong results out of Autodesk just now. Guidance as well. That's one that had been a little bit mired in some other operational issues that seemed to be clearing up. And then there are a number of other names in the software space that have popped lately after a difficult start to the year. Yeah, we like the software space beyond Palantir because who hasn't liked them, right? They've been the leadership in that space. It's great to see these other names participate. Yet anything from Snow to Autodesk. And we're seeing now that people need to implement AI. And that should be a nice tailwind to all of these software stocks because suddenly they're going to be the ones potentially picking up more, picking up more add-ons, maybe sharing some more modules across their enterprise base and selling a little bit more. So we are bullish on the software sector. We'd like to see it expand beyond Palantir because some of these guys have really been lagging relative to their peers in the AI trade. We think chips still have a place, but software is going to be kind of the next stage. As you look to implement that, you have your infrastructure. You still have plenty of legs, in my opinion, on the AI infrastructure play, but maybe also be looking at software because that's the next stage in actually implementing it and selling it across enterprises. So we're bullish on that. We love the broadening out. Autodesk should have been up because we know construction is huge with all of this AI spending, data centers, all of this build-out. We are extremely pleased that they did as well and guide as well as they did, and they should be following the construction trend. So that one was par for the course. Dell's a bit of a surprise. We were hoping the PC market didn't bite it the way it did. We were hoping for stability in that sector, maybe a little growth, and I guess that was a bit too rosy of an expectation. But they're a huge beneficiary of NVIDIA, and NVIDIA, to me, if you listen to the commentary from the CEO, the Blackwell system is going to continue to sell as many as they can produce, maybe some regulatory risk, but they should be able to sell now in China, and their expectations included zero China revenue. So for those saying, well, NVIDIA beat a bar and their guidance in their raise was right where it should be, I think they left themselves room to beat in the second half of the year.

It's been 13 days since President Trump said he could strike a peace deal in Ukraine, following his meeting with Russia's leader, Vladimir Putin. But Russia shows no signs of backing down, launching an aerial assault on Kyiv.

Kyiv

Ukraine Invasion

Russian attack on Kyiv kills more than a dozen people

The shooter in Minneapolis fired more than 100 rounds from a rifle at the church where students at Annunciation Catholic School attended Mass. City and state officials highlighted this fact as they called for stricter gun control.

Minneapolis

Minneapolis officials call for stronger gun laws after school shooting

The shooter who killed 2 kids and injured 17 at Annunciation Catholic Church in Minneapolis had ties to the church where he targeted children celebrating a new school year during mass.

Annunciation school shooter had knowledge of church he targeted

The White House is responding to Centers for Disease Control and Prevention Director Dr. Susan Monarez's refusal to step down from her role. CBS News' Olivia Rinaldi reports.

Washington

White House reacts to CDC director refusing to step down from role

In Tehran on Thursday, Iran’s currency traded at over 1 million to $1. At the time of the 2015 accord, it traded at 32,000 to $1, showing the currency’s precipitous collapse in the time since.

Tehran

Europe prepares sanctions as Iran's currency falls

Two children, ages 8 and 10, were killed in a school shooting at Annunciation Church in Minneapolis. The FBI is investigating the shooting as an act of terrorism and a hate crime targeting Catholics. Warning, this video is difficult to watch.

FBI investigating Minneapolis Catholic school shooting as hate crime

UN officials and aid agencies have warned that famine in Gaza is no longer a looming threat but a present reality, with children increasingly dying of hunger. In a blunt address to the UN Security Council, officials described the famine and widespread hunger in the enclave as “engineered” and “man-made” disasters.

New York

Middle East Conflict

UN Security Council affirms Gaza famine is manmade

Denmark summoned the top U.S. diplomat in the country to protest what Danish officials say is an unprecedented effort by people close to U.S. President Donald Trump to conduct secret influence operations in Greenland.

Copenhagen

Denmark accuses U.S. of covert operations in Greenland

Two young children were killed, and 17 others were injured in a shooting during a Catholic Mass packed with young students in Minneapolis. The gunman is also dead.

Minneapolis Catholic school shooting leaves two children dead

The group is accused of attempting to infiltrate Greenlandic society, including allegedly recruiting locals for a new independence movement from Denmark, according to the Danish public broadcaster, DR, who was first to break the story.

Nuuk

Denmark summons U.S envoy over claimed interference in Greenland

SpaceX on Tuesday launched its Super Heavy-Starship, the most powerful rocket in the world, for a test flight after three other flights failed earlier this year. NASA hired SpaceX to build a lunar lander version of Starship to carry astronauts to the moon.

Starbase

SpaceX launches Super Heavy-Starship in test flight

The United States has doubled tariffs on many imports from India to 50 percent, as U.S. President Donald Trump followed through on his threat to punish New Delhi for buying discounted Russian oil.

New Delhi

Global Tariffs

U.S. raises India tariffs to 50 percent over Russian oil purchases

President Donald Trump said he would seek the death penalty for murders in Washington, as part of a crackdown on what he calls out-of-control crime in the US capital.

Trump endorses death penalty return in Washington D.C.

As the Israeli military gives an initial assessment of deadly strikes on a Gaza hospital, hundreds of thousands of protesters urged Prime Minister Benjamin Netanyahu to accept a ceasefire with Hamas in exchange for a hostage deal.

Tel Aviv-Yafo

Protesters urge Netanyahu to reach hostage deal

Cracker Barrel says it will go back to its old logo after facing intense backlash and seeing its company value to sink by nearly $100 million after switching to a new design last week. In a statement, Cracker Barrel thanked their guests for sharing their voices.

Cracker Barrel scrapping new logo, returning to old one after backlash

The small West Tennessee town of Mason, just 2 square miles in size, is home to about 1,000 people. But its residents are now divided by what a new immigration detention facility will mean for the area.

Mason

Small Tennessee town divided over new ICE detention facility

A standoff is brewing between President Trump and economist Lisa Cook. Mr. Trump tried to fire her, claiming "there is sufficient cause" to believe that Cook made false statements on one or more mortgage agreements.

Trump clashes with Fed board member Lisa Cook, pushing to oust her

Protesters demanding an end to the Gaza war and the return of hostages to their homes took to the streets in Israel on Tuesday ahead of a security cabinet meeting scheduled for the evening.

Israeli protesters demand hostage deal as cabinet set to meet

Australia accused Iran on Tuesday (August 26) of executing two antisemitic arson attacks in the cities of Sydney and Melbourne and gave Tehran's ambassador seven days to leave the country, its first such expulsion since World War Two.

Council of the City of Sydney

Australia expels Iranian envoy over antisemitic attacks

President Donald Trump announced the removal of Federal Reserve Governor Lisa Cook, the only Black woman to serve on the board. Critics call it an attack on the Fed's independence, while Cook says no legal cause exists for her firing.

Trump says he fired Lisa Cook from Federal Reserve board

U.S. President Donald Trump signed an executive order creating new National Guard units, including a rapid-response force to handle what the administration calls civil disturbances.

White House authorizes creation of rapid-response National Guard units

Billionaire entrepreneur Elon Musk’s artificial intelligence startup xAI sued Apple and ChatGPT maker OpenAI in U.S. federal court in Texas, accusing them of illegally conspiring to thwart competition for artificial intelligence.

Texas

Rise of AI

Elon Musk's xAI sues Apple, OpenAI over competition claims

Strikes on the Nasser hospital in Gaza that left at least 20 people dead, including rescuers, journalists and health-care workers are being met with global outrage. The Israeli military is investigating what Israel Prime Minister Benjamin Netnayahu called a ‘tragic mishap.’

Israeli PM calls deadly strikes on Gaza hospital a ‘tragic mishap’

Kilmar Abrego Garcia is back in ICE custody and is facing deportation to Uganda, the Department of Homeland Security says, after he was released from criminal custody last week.

Baltimore

Abrego Garcia in ICE custody, court blocks immediate deportation

Ukrainian President Volodymyr Zelenskyy said he will meet with the U.S. and other countries this week to discuss a potential meeting with Russian President Vladimir Putin aimed at reaching a ceasefire.

Zelenskiy say he will meet with U.S., others on potential Putin talks

U.S. President Donald Trump says Chicago could be the next city to see National Guard deployment, sparking strong opposition from Mayor Brandon Johnson and Governor JB Pritzker, who argue crime is already falling and federal intervention is unnecessary.

Chicago

Trump threatens to send National Guard troops to Chicago

Four journalists working with Reuters, Al Jazeera and others were killed in explosions at a Gaza hospital. Gaza officials blame Israeli drone strikes, though CBS News has not independently verified the claims.

Jerusalem

Four journalists reported dead after Gaza hospital blasts

U.S. National Guard troops patrolling the streets of Washington D.C. as part of what President Donald Trump said was his crackdown on crime began carrying weapons on Sunday night, two officials said.

Breakdown