Dow, S&P 500 Hover at Record Levels, Nasdaq Struggles
The Dow Jones rose 0.3% to fresh record highs on Friday and the S&P 500 also hovered at peak levels as investors kept rotating out of tech and into value sectors, while the Nasdaq slipped about 0.5%.
Broadcom fell 6% despite beating Q4 estimates and forecasting a doubling in AI chip sales, adding pressure to AI-linked names like AMD and Micron. Financials, health care and industrials benefited from the shift, with Citigroup, Eli Lilly and GE Aerospace among the standouts. The rotation followed the Fed’s third rate cut of the year, which boosted cyclical and economically sensitive stocks. Lululemon jumped 10% after announcing its CEO will step down.
Cannabis stocks rallied sharply on reports that President Donald Trump will ease federal restrictions, sending Tilray up 33% and Canopy Growth up 23%. For the week, the S&P 500 is set to gain 0.5%, the Dow around 1.6%, while the Nasdaq lagged with a rise of nearly 0.1%.
Source: Tradingeconomics.com
