BlockBeats news, October 7th, according to BIT (bit.com) market data, the S&P 500 index touched 7,844.52 points intraday on Tuesday, refreshing its historical intraday high and closing above 7,800 points for the first time. At the same time, the 10-year U.S. Treasury yield broke through 5.3%, hitting a new high since 2002, and oil prices also returned above $100 per barrel. The Federal Reserve had previously started its rate hike cycle, yet U.S. stocks still set records under multiple macroeconomic pressures.The market rise was mainly driven by large technology stocks and the AI sector. Nvidia, Alphabet, Amazon, Apple, Meta, Microsoft, and Tesla, the "Magnificent Seven," together accounted for more than 34% of the S&P 500's market capitalization, with their total market value rising to a record high of about $25 trillion on Tuesday. Nvidia rose 4.5% over the past week, while Meta has risen 24% since August 13th.At the same time, market breadth continued to narrow. On Tuesday, fewer than half of the S&P 500 constituents closed above their 200-day moving average, and small-cap stocks and the S&P 500 equal-weight index both underperformed the broader market. Analysts pointed out that amid persistent interest rate and inflation pressures, the strong earnings, massive capital expenditures, and relatively strong balance sheets of AI giants are becoming key supports for U.S. stocks, but the market's reliance on a small number of large technology stocks is also intensifying.