US stocks close at a new record high as inflation expectations hit the lowest in over 3 years

The tech index gained 2.35% on Friday, and more than 4% for the week, making it the S&P 500′s best-performing sector for the week.

Nasdaq, another benchmark index, which has a big concentration of tech stocks like Apple, Amazon and Microsoft,  is still 4% below its all-time high.

CME Group data indicates that traders on Wall Street expect less than a 50% chance of a rate cut by the US Federal Reserve in March. and see improved chances of of five rate cuts this year by the American central bank.

Shares of Meta hit a new record high on Friday, adding to the 200% rally in the stock last year. The stock has gained 3.59% in value, adding over $3 billion to investor wealth, just in the last five trading days.

Meta investors are excited with founder Mark Zuckerberg's revelation that the tech giant will have 350,000 Nvidia's H100 graphics cards by the end of the year, reinforcing the confidence among investors that the company's investing big money to further its ambitious projects in artificial intelligence.

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