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U.S. stocks traded mixed as tech stocks took a lull after the S&P 500 briefly rose above 5,100.
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Major indexes ended the week at record highs, fueled by AI-driven euphoria.
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Investors will get the latest data on the health of the U.S. economy next week.
U.S. stock markets closed mixed on Friday after the S&P 500 benchmark index briefly exceeded 5,100 for the first time.
After a sugar rush that sent the stock to record levels after Nvidia's booming earnings report on Thursday, the stock's rally slowed further on Friday. Still, the Dow Jones Industrial Average closed at a new all-time high, and the S&P 500 index briefly exceeded 5,100 for the first time in history.
“Yesterday's market rally, in terms of price action alone, has gone a long way toward allaying concerns that the AI theme is a passing phase,” Quincy Crosby of LPL Financial said in a note Friday. ” he said.
This AI-driven euphoria has been able to lift markets without the prospect of an imminent rate cut, which has been a key theme in stocks over the past few months.
“Next week's set of data, including durable goods and personal income and spending reports, will be important in assessing the overall strength of the economy,” Crosby said.
Here are the U.S. indices as of Friday's 4 p.m. close:
Here's what else is going on:
In Commodities, Fixed Income and Cryptocurrencies:
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