TECH - S&P 500 Nasdaq 100 Hit Record Highs As Dollar Treasury Yields Weaken Chipmakers Shine NYCB Sinks: What's Driving Markets Friday? | Benzinga
March kicked off on a high note on Wall Street Friday, with both the S&P 500 and Nasdaq 100 indices soaring to unprecedented heights, fueled by the unstoppable surge of tech stocks.
Despite the sharper-than-expected contraction revealed by the ISM Manufacturing PMI in February – with the overall index plummeting from 49.5 to 47.8, missing the anticipated 49.1 – investors remained upbeat. The data triggered downward pressure on the dollar and Treasury yields, maintaining firm expectations for Federal Reserve rate cuts.
Fed speakers – including Goolsbee, Waller and Bostic – offered a mixed bag of remarks, though collectively acknowledging the ongoing progress toward disinflation. Additionally, a Fed report highlighted that inflation expectations broadly align with the 2% target.
In the tech sector, the semiconductor industry continued its remarkable performance, buoyed by escalating demand for chips associated with artificial intelligence. The industry benchmark, as monitored by the iShares Semiconductor ETF (NASDAQ:SOXX), surged 3.7% following a 2.7% leap on Thursday, marking its highest level since inception.
Among the Magnificent Seven, Apple ...