Main U.S. indexes rise, Nasdaq out front, up >1%
Cons Disc leads S&P 500 sector gainers; Energy weakest group
Euro STOXX 600 index up ~0.3%
Dollar falls; bitcoin gains; U.S. crude rises >1%; gold up >2%
U.S. 10-year Treasury yield dips to ~4.65%
Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com
The volatile S&P 500 Software and Services Index .SPLRCIS is up 1.5% on Friday after touching its highest level since mid-January and it is on track for its 10th advance in 11 sessions, with just one drop of 0.9% on Wednesday this week. This would make for a gain of more than 25% over 11 sessions if the index were to close around current levels.
But before we get ahead of ourselves, it should be noted that the index also traded very close to these levels on June 1 with a session high of 5278.32 that day versus Friday's 5279.42 high of the day, so far.
And of course, that the early June peak was followed by a massive selloff with just two sessions of gains between June 2 and June 25.
Mid-January levels are important because that is when a huge selloff began as investors made a run for it because they really started to worry that artificial intelligence would eat the sector's lunch with new competition and completely upend its pricing models. This was an exodus that had started in late October, after the index hit its last record high.
So the question now is whether the sector can continue climbing back up or if it will get stalled again on some distant island of selloffs, similar to what happened in June.
QQQ•
