Market Weekly: Apr 30 May 4 2018


Stocks recovered from early losses to finish mostly higher and at their best levels of the day, led by strength in technology shares which helped lift the tech-heavy Nasdaq by 0.9%.

The tech sector (+1.5%) rallied ahead of Apple’s after-hours earnings report, with shares ending 2.3% higher and other tech giants such as Microsoft and Alphabet rising more than 1.5%; chipmakers also outperformed, pushing the PHLX Semiconductor Index up by 1.7%.

The blue-chip Dow index declined for a third straight session but ended just 64 points lower (-0.3%) after tumbling as much as 355 points in midday trading, pressured by declines in Pfizer and Merck.

Six S&P sectors finished lower, led by consumer staples (-0.9%), telecom services (-0.8%) and energy (-0.6%).