Reply To: Traders Market Weekly: it’s a Mad, Mad World of Political Uncertainty

#74856
MoneyNeverSleeps
Participant

The market-cap S&P 500 extended its record high, climbing 0.8%, and the equal-weighted S&P 500 registered a 0.7% gain. Decliners had a slim lead over advancers, though, at both the NYSE and at the Nasdaq.

Outsized gains in Apple (AAPL 216.67, +4.18, +2.0%) and Microsoft (MSFT 448.37, +5.80, +1.3%), which are two of the three stocks with a market cap above $3 trillion, provided some support to the broader market. The Vanguard Mega Cap Growth ETF (MGK) was up 0.9%.

Broadcom (AVGO 1828.87, +93.83, +5.4%) was another top performer today, along with other semiconductor-related names.

The PHLX Semiconductor Index (SOX) jumped 1.6%.

Strength in the mega cap and semiconductor spaces also boosted the S&P 500 information technology (+1.2%) and consumer discretionary (+1.4%) sectors to the top of the leaderboard today. These sectors combined comprise 43% of the index.

The rate-sensitive real estate (-0.8%) and utilities (-0.5%) sectors were the top laggard, clipped by a jump in yields.

The 10-yr note yield closed seven basis points higher at 4.28% and the 2-yr note yield settled eight basis points higher at 4.76%.