The S&P 500 Index has not fallen by more than 1% for 38 straight sessions, a bullish streak last matched in late 2021 when investor optimism fueled the runup to its all-time high.
(Bloomberg) — The S&P 500 Index has not fallen by more than 1% for 38 straight sessions, a bullish streak last matched in late 2021 when investor optimism fueled the runup to its all-time high.
Hype around artificial intelligence has been powering demand for growth stocks, and the technology sector was initially the main engine of the S&P’s rally, driven by gains this year of more than 220% for Nvidia Corp., about 60% for Amazon.com Inc. and 50% for Apple Inc., as well as double-digit advances for Alphabet Inc. and Microsoft Corp.
Breadth has now significantly improved, with 168 stocks in the gauge trading just 5% away from their 52-week high. Some 327 stocks are within 15% of their one-year top.
S&P 500 futures were down by 0.1% on Thursday as investors digested Netflix Inc.’s missed sales estimates, while Tesla Inc. also fell after profitability shrank in the second quarter.
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