The S&P 500 snapped a five-day losing streak as tech stocks surged, nearing its strongest quarterly performance since 2018.
A rebound in technology shares drove US equities higher, with the S&P 500 rising 1.18% to end a five-day losing streak. The Magnificent 7 stocks climbed 2.58%, led by gains in Tesla, Alphabet, and Amazon, positioning the index for its best quarterly performance in six years.
The rally followed a period of declines, with the S&P 500 previously posting five consecutive losses. The Philadelphia semiconductor index also recovered, rising 3.83% after its worst week since April 2023. Meanwhile, European equities remained flat, with the STOXX 600 edging up just 0.04%.
US small-cap and equal-weighted indices reached record highs, though broader market gains were modest. European futures pointed higher ahead of the trading session, reflecting optimism in tech-driven momentum.