The S&P 500 Index surged to a record high of 6,790, marking a 40% increase from its April low, as investors anticipate earnings reports from major tech firms and a Federal Reserve interest rate decision. The so-called Magnificent 7, including Microsoft, Google, and Amazon, are set to release their earnings this week, which are expected to significantly impact the index's performance. Additionally, the Federal Reserve is expected to announce a 0.25% interest rate cut, while a preliminary U.S.-China trade deal has been reached, potentially providing further market support.