Nasdaq and S&P 500 Hit Record Highs Amid Labor Market Weakness

The Nasdaq and S&P 500 indexes reached record highs as megacap stocks soared, despite weak U.S. labor market data lowering Treasury yields. Microsoft, Meta, Amazon, and Apple led gains, pushing tech and communication sectors to new peaks. The Dow remained steady while small caps struggled due to interest rate sensitivity.

The Nasdaq and S&P 500 indexes soared to record highs on Friday. Megacap stocks reached all-time peaks, driven by Microsoft, Meta Platforms, Amazon.com, and Apple, following new data indicating U.S. labor market softness, which led to a drop in Treasury yields.

The Dow Jones Industrial Average stayed flat as the energy and financial sectors declined. However, tech and communication services in the S&P 500 outperformed, marking significant sector milestones.

Despite slight setbacks in smallcaps and major banks, investor confidence remains buoyed by expectations of potential rate cuts from the Federal Reserve.

(Disclaimer: With inputs from agencies.)