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Technology stocks surged on Friday, rebounding sharply after Thursday’s decline, as investor confidence in the artificial intelligence-driven rally remained high.
The Nasdaq 100 index jumped over 1%, reaching 18,820 points by 1 p.m. in New York, setting the stage for a record high close and marking its fifth consecutive week of gains — the longest streak since January.
The S&P 500 rose 0.7%, though it only partially recovered from Thursday’s losses. Small-cap stocks saw robust gains, with the iShares Russell 2000 ETF (NYSE:IWM) up 1%, while blue chips increased by just 0.2%.
Chipmakers, solar and power utilities were the top-performing industries, as traders appeared to broaden their focus to a wider array of AI-related beneficiaries.
Treasury yields remained stable as Thursday’s inflation concerns eased slightly following the University of Michigan’s downward revision of consumer inflation expectations. As a result, the U.S. dollar index (DXY), tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), fell 0.3%, ending a six-day winning streak.
The weakening dollar provided some relief to precious metals, with gold and silver rising 0.3% and 0.5%, respectively, while crude oil, as tracked by the United States Oil Fund (NYSE:USO), increased by 1%.
Bitcoin (CRYPTO: BTC) edged up 0.6%, on track to close its second consecutive positive week for the first time since early March.
Major Indices | Price | 1-day %chg |
Nasdaq 100 | 18,814.25 | 1.0% |
Russell 2000 | 205.22 | 1.0% |
S&P 500 | 5,302.37 | 0.7% |
Dow Jones | 39,112.32 | 0.1 % |
The SPDR S&P 500 ETF Trust (NYSE:SPY) was trading 0.6% higher to $529.09, the SPDR Dow Jones Industrial Average (NYSE:DIA) rose 0.2% to $391.29 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) was 1% higher to $458.05, according to Benzinga Pro data.
Among sectors, the Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) outperformed, up by 1.1%. The Health Care Select Sector SPDR Fund (NYSE:XLV) lagged, easing 0.1%.
Read now: Hedge Funds Tweak Portfolios In Q1: Marvell, TD Synnex, AES Get More Love As Focus Shifts To AI
Illustration via Pixabay.
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