The S&P 500 index just crossed the 6,000-point milestone, reaching new record highs. Small-cap stocks are also on track for their strongest weekly performance since April 2024, driven by investor optimism over the “Trump trade.” As the market wraps up a volatile week, all major U.S. indices are showing modest gains at midday. The Dow Jones Industrial Average is leading the pack, surpassing the 44,000-point mark with its best weekly performance in over a year.
Friday’s rally in the S&P 500 was supported by the utilities and real estate sectors, which had previously been lagging post-election. Tech stocks, however, took a breather following a strong rally on Thursday. Notably, Tesla Inc. (NASDAQ:TSLA) surged 7%, pushing its weekly gains over 27% and propelling its market cap past $1 trillion. With this move, every tech stock in the “Magnificent Seven” is now in the trillion-dollar club, with a combined market cap exceeding $17 trillion.
Treasury yields remained stable, while the dollar strengthened in response to the Federal Reserve’s recent 25-basis-point rate cut to 4.5%-4.75%. Gold prices softened, marking their worst week since late May, as silver and oil both dropped over 2% on the day. Bitcoin (CRYPTO: BTC) saw a slight uptick of 0.8%, extending its weekly gains to over 11% for its best performance since July.
In terms of major indices, here are the latest figures: the Dow Jones at 43,993.21 (up 0.6%), S&P 500 at 5,998.81 (up 0.4%), Russell 2000 at 2,389.50 (up 0.3%), and Nasdaq 100 at 21,124.53 (up 0.1%). The SPDR S&P 500 ETF Trust (NYSE:SPY), the SPDR Dow Jones Industrial Average (NYSE:DIA), the Invesco QQQ Trust Series (NASDAQ:QQQ), and the iShares Russell 2000 ETF (NYSE:IWM) are among the ETFs that saw movement today.
Stocks reacting to earnings reports include NRG Energy Inc. (NYSE:NRG) up 0.5%, Ubiquiti Inc. (NYSE:UI) surging 21%, Arista Networks Inc. (NASDAQ:ANET) down 7%, Airbnb Inc. (NASDAQ:ABNB) sliding 7.5%, and Motorola Solutions Inc. (NYSE:MSI) climbing 6.7%. Other notable movers include EOG Resources Inc. (NYSE:EOG) up 5.9%, Fortinet Inc. (NASDAQ:FTNT) rising over 9%, and Cloudfare Inc. (NYSE:NET) dropping 6.2%.
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