S&P 500 caps a perfect week of gains
The recovery train keeps on chugging.
The S&P 500 rose all five sessions this week with a 0.7% gain on Friday, while the Nasdaq 100 advanced 0.4% and the Russell 2000 outperformed with a 0.9% rise.
The Financial Times said that the US and Europe have exchanged negotiating documents on trade, helping buoy hopes that the recent trend toward dialing down tariffs will continue.
Friday had the best parts of Wednesday and Thursday combined: the S&P 500’s advance-decline line was sharply positive, with risers outnumbering fallers by 391, and megacap tech stocks largely participated in these widespread gains.
Every S&P 500 sector ETF aside from energy moved higher, with healthcare stocks outperforming and utilities, real estate, industrials, consumer staples, and materials all up more than 1%.
Beaten-down shares of UnitedHealth bounced on Friday, with that stock and Moderna (another company that’s been trending lower) topping the S&P 500’s leaderboard.
Outside of the benchmark index, shares of CoreWeave popped more than 20% after an SEC filing revealed Nvidia had accumulated a $900 million stake in the company as of March. Though we already knew the chip designer anchored in the recent IPO, the magnitude of its stake seemingly encouraged the traders who’ve been flocking to buy call options in the cloud computing company.
That same filing also showed Nvidia continued to hold Applied Digital, sending those shares skyward.
Charter Communications rose after announcing a deal to acquire Cox Communications, a pact that would create the largest cable and broadband provider by subscribers upon its successful completion.
From mergers to breakups: Novo Nordisk announced that it’s replacing its CEO in light of the near halving of its stock price over the past year as competition in the weight-loss drug space heats up.
Take-Two fell after cutting its guidance to account for the delayed release of “GTA 6.”
Mike Novogratz’s Galaxy Digital enjoyed its debut on the Nasdaq with a solid advance.
