S&P 500 gains in broadest rally since 2023
US stocks climbed to kick off the week, but with absolutely no help from the so-called Magnificent 7.
The S&P 500 and Nasdaq 100 rose 0.6% while small caps led the way, with the Russell 2000 up 1.2%.
An equal-weight basket of the Magnificent 7, meanwhile, fell 1.1%, punctuated by a steep 4.8% loss in Tesla and a 1.8% retreat from Nvidia.
It’s just the second time since the Magnificent 7 became A Thing back in June 2023 that the cohort fell 1% on a day the S&P 500 rose at least 0.5%.
Every S&P 500 sector ETF rose, with real estate, energy, consumer staples, industrials, healthcare, materials, and financials all up more than 1%.
A whopping 416 members of the S&P 500 gained on the day, the most since December 2023.
Intel was the second-largest gainer on the benchmark US stock index as investors continue to love its new CEO, and with good reason.
Norwegian Cruise Line has fallen enough that JPMorgan thinks the shares are a bargain, and investors agreed.
Guess ramped after receiving a take-private offer from WHP Global.
Affirm hit the skids after Walmart ended its exclusive “buy now, pay later” deal and switched to Klarna.
