SPDR S&P 500 ETF Trust

The SPDR S&P 500 ETF (SPY)—an 澳洲幸运5官方开奖结果体彩网:exchange-traded fund (ETF) that tracks the S&P 500—mirrored its underlying index Thursday, climbing to an all-time high as investors piled into mega-cap technology stocks after 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) darling Nvidia's (NVDA) 澳洲幸运5官方开奖结果体彩网:blowout quarterly report.

Other AI-related stocks in the S&P 500 including Microsoft (MSFT), Broadcom (AVGO), and Advanced Micro Devices (AMD) joined the rally, gaining between 2.4% and 10.7%. Synopsys (SNPS), a company that makes software to test and develop chips, 🎃jumped⭕ 6.9%.

While leading technology names drove Thursday’s gains, the index’s rally saw broad-based participation, with every sector in the S&P 500 rising except utilities, hinting that the current bull run may transcend touted 澳洲幸运5官方开奖结果体彩网:Magnificent Seven members—a group of influential tech bellwethers including Alphabet (GOOGL), Amazon (AMZN), Apple (AAPL), Meta Platforms (META), Microsoft, Nvidia, and Tesla (TSLA) that carry a 27.5% cumulative weighting in SPY’s 澳洲幸运5官方开奖结果体彩网:portfolio. Nvidia alone ranks as the ETF’s third-largest holding at 4.2%.

Since falling below the 澳洲幸运5官方开奖结果体彩网:200-day moving average in late October, the SPY has made a remarkable recovery, trending sharply higher within a 澳洲幸运5官方开奖结果体彩网:rising wedge pattern. More recently, trading volumes have fallen away sl🐻ightly as the fund reached record closes, indicating a lack of conviction by the bulls.

Looking ahead, a convincing breakout above the wedge pattern’s top tre🥀ndline could set the stage for further gains, while a breakdown through the lower trendline could warn of a possible correction.

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As of the date this article was written, the author does not own any of the above securities.