Stock Melt-Up Drives S&P 500 to Brink of Bull Run: Markets Wrap
- Big tech rally, options positioning, Fed wagers drive trading
- Traders betting Fed likely pausing in June, hiking in July
The relentless rally in big tech, options positioning and bets on a Federal Reserve pause following a mixed jobs report put stocks on the verge of a bull market.
An advance of roughly 1.5% for the S&P 500 extended the benchmark’s surge from its October low to nearly 20%. A gauge of megacaps like Tesla Inc. and Apple Inc. saw its sixth straight week of gains — the longest winning run in since July 2021. Broadcom Inc. climbed after predicting that sales tied to artificial intelligence will double this year.