Tech stocks power S&P 500 to record high as oil weakens
Microsoft added 1.4%, Nvidia was up 0.6% and Apple added 0.5% as investors flocked back to Big Tech stocks.
On Thursday, the S&P 500 reached an intraday record high as technology stocks led the rise, reports AFP. Brent crude futures fell by 2.2% after six days of gains, reflecting a softer outlook for global demand and higher US crude inventories. Iran and the US continue their standoff over ending the Middle East conflict, with trade through the Strait of Hormuz limited.
Big Tech stocks, including Microsoft, Nvidia and Apple, drove the Nasdaq higher. The sector rotation away from cyclical sectors continued, according to Brock Weimer, an analyst at Edward Jones. Financial and healthcare stocks compensated for any volatility in the Dow Jones Industrial Average. Today's S&P 500 gained 56.52 points, the Nasdaq 244.05 points, and the Dow added 190.02 points.
Producer price inflation data showed gains at 4.7%, below market expectations, indicating that the energy price shock had not significantly impacted other inflation categories. Traders favored a Fed rate hold next month, with a 65% chance compared to 60% before the data. The Dow hovered near its record high, while the Nasdaq was slightly below its peak.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Tech stocks power S&P 500 to record high as oil, producer inflation weaken brecorder.com
- Tech stocks power S&P 500 to record high as oil weakens freemalaysiatoday.com
