- The S&P 500 climbed further into bull-market territory on Friday, as technology stocks rose amid speculation that the Federal Reserve is nearing the end of its rate hike cycle.
- The benchmark index rose 0.1% as tech and megacap stocks led another session of gains, with Tesla rising 4.1% after General Motors announced it would join Tesla's charging network. Netflix gained 2.6% following news that it had added US subscribers after cracking down on password sharing. In the midst of the artificial intelligence stock market frenzy, Adobe gained another 3.4%.
- Following a rise in tech stocks, the S&P 500 has now surpassed a 20% gain from an October low, a common indicator of a bull market. Analysts have warned that the rally could stall ahead of the Fed's and the European Central Bank's interest-rate decisions next week. Two unexpected rate hikes this week have fueled speculation that policymakers may have to keep rates higher for longer. Meanwhile, data from the United States indicating a cooling labour market has bolstered the consensus view that the Fed will likely pause.
