Record Rally Stalls as Fed Cut Bets Soar and Earnings Loom
After a streak of record-setting gains, Wall Street’s rally took a breather heading into the weekend. On Wednesday the S&P 500 and Nasdaq notched all-time closing highs, but Thursday saw a mild pullback across major indicesnasdaq.com. The S&P 500 dipped about 0.3% Thursday, the Dow fell 0.5%, and the Nasdaq Composite slipped 0.1%econotimes.com, pausing a record-breaking tech-driven surge. High-flying semiconductor and AI stocks led the dip – for instance, Dell Technologies tumbled -5% and Micron -2% amid profit-takingnicoop.com. Even with that consolidation, the uptrend remains intact: the S&P and Nasdaq are still near historic peaks, buoyed by a three-year bull market largely led by Big Tech. Nvidia’s stock, in particular, has skyrocketed as the company’s chips fuel the AI boomnasdaq.com. Other stalwarts like Broadcom and Alphabet have posted enormous multi-year gains as wellnasdaq.com. This week’s slight stumble has done little to dent those outsized advances – Nvidia was trading at fresh all-time highs early Fridaynasdaq.com.