Tech takes US stocks to another record high
No breadth, no problem. The S&P 500 gained 0.2% while the Nasdaq 100 rose 0.6% in another pair of all-time highs.
Twice this week, the S&P 500 has managed to gain despite having just 185 of its constituents or less participate in the rally. That's the first time we've seen that in any week since August 2020.
Technology was the best-performing sector ETF, advancing 0.8%; more sectors went down than up, with energy and communication services the worst-performing groups.
Broadcom soared 12.3% after reporting a stellar earnings report and announcing a stock split. Bank of America analysts think the company could soon be worth $1 trillion. Its strong quarterly results helped across the industry, with the iShares Semiconductor ETF up 1.1%.
Tesla also gained 3% after Elon Musk said the shareholder votes on his pay package and reincorporating the company in Texas would pass.
Paramount Global was the worst-performing S&P 500 constituent, off 6.9%. After the close on Wednesday, Reuters had reported that the company was likely to sell off assets to pay down debt as the fallout over the failed sale continues.
Bonds had a better day than stocks: the iShares 20+ Year Treasury Bond ETF rose 1.5% as US initial jobless claims jumped and producer price data for May came in well below expectations, causing economists to revise down their forecasts for the core PCE inflation data to be released later this month.
