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Big Tech stocks once again carried Wall Street to a record Friday, even though the majority of stocks fell amid worries about the downside of a hot economy.
Big gains for Meta Platforms and Amazon helped drive the S&P 500 index up by 1.1% to its latest all-time high. It’s in a torrid run where it’s climbed in 13 of the last 14 weeks. The Big Tech stocks, which are two of Wall Street’s most influential, also vaulted the Nasdaq composite up by 1.7%.
But the Dow Jones Industrial Average, which has less of an emphasis on tech, rose by a more modest 0.3%, or 134 points. And the Russell 2000 index of smaller stocks fell 0.6%.
Stocks felt pressure from much higher yields in the bond market after a report showed U.S. employers hired many more workers last month than economists expected.
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While the strength is a boon for workers and keeps the risk of a recession at bay, the worry is that it could preserve some upward pressure on inflation. That in turn could mean a longer wait for the Federal Reserve to begin cutting interest rates.
Here’s a way to track markets and consumer sentiment:
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/adn/EHCT2ZVQ7ZNLSG2BI6FDZKZUAM.jpg "The U.S. economy is booming. So why are tech companies laying off workers?")