The S&P 500 (^GSPC) briefly reached a record high of 5,000 in intraday trading on Thursday, though closing the day below its new mark. Yahoo Finance's Jared Blikre examines which stocks also saw record highs, while also breaking down the sector action.
JULIE HYMAN: Milestone day on Wall Street. The S&P 500 hitting 5,000 and that was not the only record to talk about. Jared Blikre is here with the rundown and all the records.
JARED BLIKRE: Hate to say it, but I'm kind of on repeat here. NASDAQ 100, S&P 500, Dow all record highs. As you said, the S&P 500 finally ticked top tick 5,000.
And it was actually the high of the day, just a little bit over, but as you can see closed right underneath it. Not the biggest of deals. I think the only reason or one of the major reasons why this is in focus because it's a big psychological number, but also because there's a lot of options activity around there that influences it as well.
But let's move on to the record highs in individual stocks. Microsoft only up by one basis point, but that's all you need to get a fresh record. Then Eli Lilly, we got Broadcom, ASMLs, we got some chip stocks, some health care.
There's Costco, that's a consumer staple. TJX, that's consumer discretionary. Packer, that's shipping. Synopsys, that's computers. So you take it all in perspective here-- PGR, that's finance-- we're seeing more and more of a broad swath of participation in these highs here.
Financials, I was mentioning those in the Morning Brief today. They took a back seat today with utilities and with health care. But what was outperforming today? One of the worst sectors of the year and last year, by the way, that would be energy.
Energy up 1% followed by real estate, consumer discretionary, communication services, and tech and not a lot of outperformance here. If you take a look at the NASDAQ 100, it is a mixed board. You got some winners and losers on the left side and the mega caps. And also on the right side, not too many big outperformers here even though we are in the heat of earnings season or maybe just in the wake of the heat of earnings season.
Nevertheless, here are the leaders in sentiment markets that I look at today. IPOs, IPOs had a good day followed by Bitcoin just went over that in the prior-- in the prior hour. We have the disruption trade ARKK up 2 and 1/2%.
Homebuilders, they just hit another record high, so did chip stocks. I think, those two are notable. Homebuilders and chip stocks were making record highs last year, interesting combination. And then we also have small caps. IWM that was in focus today as well, followed by retail.
Now, what did not do well? China, we've been beating that drum. It's either been the leader or the biggest laggard just about every day here. Today, it is the biggest loser followed by cannabis and emerging markets.
Let me check in on our meme stocks here. I haven't done this in a little bit, but we're seeing more green than red. Palantir coming off a couple of days ago, its earnings.
Coinbase, that is a Bitcoin-based stock, a crypto stock that has done well today along with the other crypto stocks. That's up 6 and 1/2%. Carvana up 9% So some of the fringier parts of the market doing well today along with those stalwarts hitting record highs.
Source : Yahoo Finance / Feb 9, 2024