S&P 500 and Dow Jones Industrial Average Close Out the Week at Record Highs Thanks to Nvidia Rally
The S&P 500 and Dow Jones Industrial Average closed out the week at record highs yet again, driven by a market rally sparked by Nvidia’s fourth-quarter earnings. Yahoo Finance Senior Markets Reporter Jared Blikre provided a breakdown of this week’s market action, highlighting key sector trends.
Despite some volatility earlier in the week, both the S&P 500 and Dow Jones Industrial Average ended the week on a positive note, reaching new record highs. The NASDAQ composite, however, closed below 16,000, down about a quarter of 1%. Utilities and consumer staples stocks performed well during the session, indicating a potential rotation towards defensive sectors.
Tech stocks, particularly the tech-heavy NASDAQ 100, did not have the best week overall. The NASDAQ composite has not seen a record close since November 2021 and ended the week in the red. However, the S&P 500 managed to eke out a gain of 57 basis points for the week, while the Russell 2000 was down 2.2%.
Sector-wise, materials and staples emerged as the top performers for the week, with staples benefiting from strong earnings from companies like Walmart. Healthcare, financials, and industrials also performed well, with some reaching record highs. The rally this week showcased a broadening of market participation, with sectors like homebuilders, Chinese stocks, and biotech seeing gains.
On the flip side, unprofitable tech stocks and disruptive companies struggled this week, with ETFs like ARKK and TAN experiencing significant declines. Software stocks also faced challenges, with more than 75% of names in the sector closing down for the week. However, the semiconductor sector showed more bullish signs, with companies like Nvidia leading the way.
Overall, the market’s performance this week reflected a mix of sector-specific trends and broader market dynamics. Investors will be closely watching for any developments that could impact the market’s trajectory in the coming weeks.
For more expert insights and the latest market action, viewers can watch the full episode of Yahoo Finance Live for a comprehensive analysis of the week’s events.
Editor’s note: This article was written by Luke Carberry Mogan, a seasoned financial news and opinion writer with years of experience covering market trends and developments.