Tech Surge Propels S&P 500 and Nasdaq to Sixth Straight Weekly Gain

The S&P 500 and Nasdaq Composite concluded Friday's session with gains of 0.3% and 0.9%, respectively, marking a sixth consecutive week of growth for both indices. This represents the longest weekly winning stretch for these benchmarks since October 2024. The Dow Jones Industrial Average was the sole outlier among major indices, slipping approximately 0.3%. The rally was underpinned by a strong corporate earnings season, particularly among the 'Magnificent Seven' megacaps. According to LSEG I/B/E/S Estimates, analysts have revised first-quarter earnings growth expectations upward to nearly 28% year-over-year. This represents an 11.7 percentage point increase from the previous week and the strongest growth rate since the fourth quarter of 2021. Individual equity performance was highlighted by Apple, which saw shares rise over 3% following a positive sales forecast centered on the iPhone 17 and MacBook Neo. In the enterprise software sector, Atlassian surged more than 29% after raising its outlook, while peers Salesforce and ServiceNow also posted gains. Additionally, Reddit shares climbed 13% on the back of an optimistic quarterly revenue forecast. Despite the bullish momentum in technology, some volatility remained. Roblox shares plummeted over 18% after the company lowered its annual bookings forecast. Market analysts suggest the current trend reflects a continued appetite for the AI trade, even as investors appear to overlook potential headwinds such as rising oil prices and inflationary pressures.