Dow jumps 800 points, S&P 500 at new record, Nasdaq gains 6.8% this week

00:00 Speaker A

Let’s begin with the Dow here. Up 1.8% for the day. That’s 869 points. Here’s the intraday price action. Guess what? Over the last five days, we are up 3.2%. That is the best week since last June. Nasdaq, the best week since last May. Ditto for the S&P 500.

00:17 Speaker A

Meanwhile, the Nasdaq Composite and the Nasdaq 100 and the Philly Chip Index and XLK, that’s large cap tech are up 13 straight days. We have not seen that in years in these indexes.

00:32 Speaker A

And here’s the S&P 500 up 4 and a half% for the week. and let’s do small caps too. They are up 2% today, leading the way higher for today and for the week they are up 5 and a half%.

00:44 Speaker A

And it’s not just the small ones, it’s also the largest ones. Magnificent Seven leading the way up 8.6% this week. And meanwhile, tech was up 14%. That’s IGV and uh for the first time in a long time, software is doing better than chip stocks.

00:58 Speaker A

We’re going to have to see if that lasts into into next week, but so far, so good.

01:02 Speaker A

Now, let’s take a look at the sector action and um, there we go. That looks a lot better. Here’s consumer discretionary in the lead. That’s up 2.4%, followed by industrials and real estate and tech, healthcare, staples, all of those all everything on the top row up more than 1%.

01:18 Speaker A

What didn’t work today? Another down day for energy and utilities. Uh crude oil by the way was down about 10%.

01:25 Speaker A

Here’s the Nasdaq 100, a lot of green here. So spoiling the party just a little bit is Netflix, which I’m circling there, that was down almost 10%.

01:34 Speaker A

But you take a look at Tesla, that’s a come from behind story up 3% today, Broadcom up 2%. For the week, look at these gains in the mega caps. Tesla up 15%, meta up nine. So is uh Broadcom, Amazon up 5%, Microsoft up 14%, another come from behind story.

01:50 Speaker A

So the list goes on. Uh dialing it back down to intraday, let’s take a look at the Dow. You’re not going to see a lot of red here.

01:57 Speaker A

Chevron, that’s the energy trade which didn’t do too well. That was down 2%. J&J and Verizon, uh arguably defensive trades, those were in the red, but you got Sherwin Williams, Merk and Home Depot each up 3%.

02:10 Speaker A

And I will close here by showing you software, what happened this week and let’s do this on a five-day basis. Um, lots of huge gains there. Oracle was one of the biggest winners up about 27%.

02:23 Speaker A

And then we’ll take a look at chip stocks. Not too shabby either. A couple of red spots, but Nvidia up 7%, Broadcom up 9%, and our perennial leaders here this year, SanDisk and Western Digital each up 8% this week, Josh.