Tech Rally Cools After S&P 500 Hits 5,100

• US stocks traded mixed as tech stocks took a breather after a brief S&P 500 surge past 5,100.
• Major indexes ended the week high, propelled by AI-driven euphoria.
• Investors next week will get fresh data on the health of the US economy. 

US stocks closed mixed on Friday after the S&P 500 benchmark index briefly crossed 5,100 for the first time.

The stock rally was more muted Friday after the sugar-rush that propelled stocks into record territory after Nvidia’s boom-time earnings release on Thursday. Still, the Dow Jones Industrial Average notched a new all-time closing highs, while the S&P 500 briefly crossed 5,100 for the first time ever. 

“Yesterday’s market rally, just in terms of price action, did much to assuage fears that the AI theme was a passing phase,” Quincy Krosby from LPL Financial said in a note on Friday.

That AI-driven euphoria has been able to lift markets without imminent rate cuts in sight, which was a key theme for stocks in the past few months.

“Next week’s roster of data, including the durable goods and personal income/personal spending report will be important for assessing the strength of the broader economy,” Krosby noted.

Here’s where US indexes stood at the closing bell at 4:00 p.m. on Friday: 

Here’s what else is going on:

In commodities, bonds, and crypto: