It turns out there is still more room on the AI hype train.
US equities were mixed earlier but a hint of a softening of the US economy (ie rate cuts) and it was right back to the races. The S&P 500 is up 32 points to a record 5128 and the Nasdaq Composite just broke the 2021 high.
Nasdaq daily
These are some lofty numbers and lofty moves.
it’s no surprise to see chipmakers at the top of the list today with Broadcom, WD, Micron and AMD inthe top-8 gainers in the S&P 500. NVDA has also added another 3.3%
The move hasn’t happened without some concerns as Apple shares are down 1% and Wynn Resorts are down 4%. That points to consumer weakness.
I would argue that the turn of the month may be responsible for some of the buying as new money goes to work in what’s traditionally the strong March-April seasonal period.