- US stocks traded mixed as tech stocks took a breather after a brief S&P 500 surge past 5,100.
- Major indexes ended the week high, propelled by AI-driven euphoria.
US stocks closed mixed on Friday after the S&P 500 benchmark index briefly crossed 5,100 for the first time.
The stock rally was more muted Friday after the sugar-rush that propelled stocks into record territory after Nvidia's boom-time earnings release on Thursday. Still, the Dow Jones Industrial Average notched a new all-time closing highs, while the S&P 500 briefly crossed 5,100 for the first time ever.
"Yesterday's market rally, just in terms of price action, did much to assuage fears that the AI theme was a passing phase," Quincy Krosby from LPL Financial said in a note on Friday.
That AI-driven euphoria has been able to lift markets without imminent rate cuts in sight, which was a key theme for stocks in the past few months.
"Next week's roster of data, including the durable goods and personal income/personal spending report will be important for assessing the strength of the broader economy," Krosby noted.
Here's where US indexes stood at the closing bell at 4:00 p.m. on Friday:
- S&P 500: 5,088.80, up 0.03%
- Dow Jones Industrial Average: 39,131.53, up 0.16% (+62.42 points)
- Nasdaq Composite: 15,996.82, down 0.28%
Here's what else is going on:
- Russia's economy is so driven by the war in Ukraine that it cannot afford to either win or lose, one economist says.
- The more Americans that take Ozempic, the faster the US economy will grow, Goldman Sachs says.
- These are the top 10 holdings of Bill Gates' $42 billion stock portfolio.
- Short-seller Jim Chanos warns Nvidia's epic growth is cannibalizing Big Tech — as the chip titan's value surges by $1 trillion in 4 months.
- Americans' "love affair" with the stock market is stronger than ever
- "Magnificent 7" tech stocks are dangerously dominant — and recession's still a real risk, top economist warns.
In commodities, bonds, and crypto:
- Oil prices fell, with West Texas Intermediate down 2.6% to $76.54 a barrel. Brent crude, the international benchmark, dipped 2.4% to $81.66 a barrel.
- Gold rose 0.8% to $2,046.90 per ounce.
- The 10-year Treasury yield slipped 7 basis points to 4.252%.
- Bitcoin edged lower by 1.69% to $51,056.