Jefferies is getting more bullish on shares of Snowflake after the company unveiled a slew of AI-related products at its latest conference in Las Vegas. Consumer discretionary is up 12.1% this month, the largest gain across sectors. The consumer discretionary and communications services sectors are also poised for a strong finish, up 32.5% and 35.8% for the year. The sector is poised to finish the quarter 16.9% higher, with 6.5% gain for June. Utilities is also headed for the biggest quarterly loss among the 11 sectors, down 3.3%.īoosted by chipmakers and some technology behemoths, the information technology sector is on pace for the biggest first-half gain, up 42% gain. Other first-half losers sectors include health care and energy, down about 2.2% and 6.9%, respectively. For the quarter it is slated to lose 3.2%, but on track for 1.5% gain in June. The utilities sector has experienced the largest drop in 2023, down 7.1%. The financials sector is down 1.2% this year and on track to post a gain of 5.1% and 6.8%, respectively, for the quarter and month. A previous version misstated the year.Īll major S&P 500 sectors may be on track to finish June on a positive note, but those gains have failed to help the financials, utilities, healthcare and energy sectors recoup their losses for the first half. CNBC's Chris Hayes contributed reporting.Ĭorrection: The S&P 500 was on track for its best first half since 2019. The Fed was right to pause and needs to hold firm at these levels to prevent overcorrecting and causing an unnecessary recession to fight a beast that is now under control." "If you don't believe disinflation is happening, you aren't paying attention. "This is excellent news on the inflation fight," said Jamie Cox, managing partner for Harris Financial Group. Wall Street also got another hint of encouraging inflation news as the core personal consumption expenditures price index, a closely watched gauge by the Federal Reserve, rose less than expected in May. The three major averages also notched winning weeks, gaining more than 2% each. The 30-stock Dow added a modest gain of 3.8%. The Nasdaq surged 31.7%, for its best first half since 1983. For year to date and the first half: The S&P 500 popped 15.9% for its best first half since 2019.The Dow added 3.4% for a third winning quarter. The Nasdaq jumped 12.8% for back-to-back positive quarters. For the second quarter: The S&P 500 rose 8.3% for a third straight quarter of gains and its biggest quarterly advance since the fourth quarter of 2021.The Dow climbed 4.6%, for its best month since November. Both indexes notched a fourth consecutive positive month. For June: The S&P 500 gained 6.5% for its best monthly performance since October."It's been hitting those overbought levels, and we believe it's time for that trade to kind of take a pause." "The technicals are telling us that this ubercap-led rally has just been overextended," she said. This, coupled with changing technicals, could lead to sideways action, or a slight pullback in the S&P, said Anna Han, equity strategist at Wells Fargo Securities. The last six months saw 2022's beaten-down growth names make a broad comeback as the promise of artificial intelligence and hope of an end to the Federal Reserve's rate campaign lifted major tech players to astonishing heights.ĭespite these strong gains, some on Wall Street expect volatility in the second half and likely profit taking from investors that benefited from the rally. The apparel giant fell 2.7% after reporting a weaker-than-expected quarterly profit.įriday marked a pivotal day for investors, bringing the conclusion of the month, second quarter and first half. Apple gained 2.3% to close above a $3 trillion market cap.Įlsewhere, Nike shares bucked the broad market uptrend. Netflix added about 2.9%, while Meta Platforms, Microsoft and Amazon rose 1.9%, 1.6% and 1.9%, respectively. Dominant artificial intelligence chipmaker Nvidia jumped 3.6%, bringing its yearly gains to more than 189%. Mega-cap technology stocks responsible for a sizeable chunk of 2023's market gains rose Friday. The S&P 500 climbed 1.23% to end at 4,450.38, and the Nasdaq Composite advanced 1.45% to settle at 13,787.92. The Dow Jones Industrial Average gained 285.18 points, or 0.84%, to close at 34,407.60. Stocks rose Friday and technology names continued their staggering run to cap off a strong start to the year, and the best first half for the Nasdaq Composite since 1983. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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