US Stocks Reach New Records, Nasdaq Tops 29,000
US equities hit fresh record highs on Friday, with the Nasdaq 100 and S&P 500 climbing to new levels. Strong jobs data and a semiconductor rally fueled gains, with tech stocks leading the way. However, some software stocks stumbled on weak earnings guidance.
US equities closed the week at fresh records, with the Nasdaq 100 surging past 29,000 and the S&P 500 nudging toward 7,400 . A stronger-than-expected April jobs report, which printed at 115,000 nonfarm payrolls, and a sharp rally in semiconductors powered the move higher.
Technology mega caps drove the bulk of the gains, with chipmakers extending their year-to-date leadership. The labor data was warm enough to underscore economic resilience but soft enough to keep rate-cut expectations alive, a combination markets continue to reward. Beneath the headline strength, however, several software names slipped on disappointing forward guidance, hinting that earnings dispersion is widening even at index highs.
The setup leaves indices stretched but bid. Watch breadth, the next CPI print, and how much further semis can lead before broader participation is needed to keep the rally orderly. Concentration risk in mega-cap tech remains the principal vulnerability for both passive flows and active managers chasing beta.
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