Stock rally falters after S&P touches 5100 – US Market Wrap

Stocks struggled to get traction, with big tech losing speed following a strong rise fueled by artificial intelligence excitement.

Multiple record-breaking performances in the world’s largest equity market pushed the S&P 500 temporarily above 5,100. The “Magnificent Seven” group of megacaps underperformed, with Nvidia Corp. seeing a slight gain and its valuation hovering around $2 trillion.

The S&P 500 barely moved Friday, resulting in a weekly victory. Treasury 10-year rates declined seven basis points, to 4.25%. According to Federal Reserve Bank of New York President John Williams, the economy is on track, and it will most likely be appropriate to lower interest rates later this year.