Wall Street Hits Records as Apple, Cisco, and Biotechs Take Center Stage

​Markets on Fire: Record Highs Across the Board
Wall Street’s major indexes are on a hot streak. The S&P 500, Nasdaq 100, and Nasdaq Composite all closed at record highs, with the Russell 2000 rallying nearly 5% in just three days. Even the Dow and NYSE Composite are within a hair’s breadth of new peaks. Jim Cramer summed up the frenzy: “Money is roving Wall Street like a gang of thugs, hunting the next get-rich thing.”

Overbought or Just Getting Started?
The Relative Strength Index (RSI) crossed into “overbought” territory for key benchmarks, a technical signal some traders watch for pullbacks. But it’s not an automatic sell signal. In fact, only a handful of big-name stocks—like Apple and Alphabet—are hitting that overheated level.

Apple’s Momentum Keeps Building
Apple’s been on a tear, up 9% in the past week and more than 12% in August alone, now just 10% shy of its Christmas 2024 high. Cramer’s advice? “Own it, don’t trade it.” His charitable trust’s Apple stake from 2014 has gained a staggering 1,200%.

Equal-Weighted ETFs Show Broad Market Strength
It’s not just the tech titans moving the needle. Equal-weighted ETFs tracking the S&P 500, Nasdaq 100, and Dow are near or at record highs, suggesting the rally is spread across sectors, not just concentrated in a few giants.

Biotech Buzz
Biotechs are heating up, with the S&P Biotech ETF (XBI) jumping 3.9% in a week and the iShares Biotech ETF (IBB) gaining 3.6% in just three days. Traders like Josh Brown are eyeing the sector for more upside.

Advance Auto Parts’ Earnings Spotlight
Advance Auto Parts has revved up 86% since its last earnings report, with rivals O’Reilly and AutoZone also cruising near record levels. The company will report fresh numbers live on CNBC’s “Squawk Box,” setting up potential fireworks.

Cisco’s AI-Driven Push
​Cisco beat earnings and revenue expectations and raised its full-year forecast. CEO Chuck Robbins says demand is surging for Cisco gear that powers artificial intelligence—something he’ll expand on in a live CNBC interview. The stock is already up 14% in three months.