Dow, S&P 500 close at record-highs off of week's Nvidia rally
The S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) close out the week at record highs yet again after Nvidia (NVDA) drove a market rally on its fourth-quarter earnings. Yahoo Finance Senior Markets Reporter Jared Blikre breaks down this week's market action while examining sector trends.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
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JULIE HYMAN: There is the closing bell on Wall Street. Let's do a quick check of the markets here to cap out what has been an eventful week. The week of NVIDIA, you might say. The Dow and the S&P, any rise for them today is another record close. The NASDAQ 100 is the same. And so it looks like we got records once again. The NASDAQ not getting there though. In fact closing below 16,000 down about a quarter of 1%. We had utilities that were doing the best in today's session along with some other consumer staples stocks as well.
It looks like people getting a little rotating perhaps and a little defensive here. But as I mentioned earlier, it looks like you got to go all the way back before November. We've only had two negative weeks for the S&P 500 since that point in time, Josh.
JOSH SCHAFER: And the major indexes notching another weekly gain and the S&P 500 just hanging on for a record finish. Jared Blikre is here with a look back at the action today and for the week. Jared.
JARED BLIKRE: That's right, Josh. For all the talk about tech and NVIDIA, it was not the best week for tech overall and the tech heavy NASDAQ 100. The NASDAQ composite missing out on a record close once again haven't had one since November of '21. That's in the red for the and also for the week. Let's take a look at the 5-day totals here. And you can see actually in the green for 57 basis points.
So I stand corrected but check out the Russell 2000. This was sunk Tuesday and Wednesday. We had-- easy to forget, we had a nasty sell off earlier in the week. Russell is ending the week down 2.2% and the Dow which has been outperforming, that's up about 1%. So let's take a look at the sector action. Julie, you were talking about staples. We have indeed seen staples get some attention lately.
Not necessarily today. Today it's utilities and materials. But let me show you the five-day totals here. Guess who the two winners are? Materials and staples. Boring old staples with Walmart, notching those blowout earnings earlier this week. And then healthcare and financials and industrials, all those outperforming. Financials, industrials, healthcare at record highs. If not today then yesterday. And it's really been a story this week, I think, about the broadening of the rally.
And if you take a look at the leaders, you see a few here you haven't seen elsewhere. Homebuilders, that's XHB, that's at a record high. KWEB China bouncing back. Most definitely not at record highs, but they're gaining ground that they have lost. Korean stocks that's EWY up 2%. And then some others, IBB is biotech, that's another interesting one. But I want to take a look at the losers here.
Because I said it wasn't the greatest week for tech, it's really unprofitable tech. Our components down 6% for the ETF and we took a look at disruption a little bit earlier. Those were faltering. Then we take a look at TAN. That's a solar ETF that's down 11% very volatile. And IPOs in general have not been doing well at least in terms of that ETF. And let's take a look at software.
Because software for the week for the most part was in the red. You'll see more than 75% of these names closing down substantially. Adobe down they're down 6% on the left bottom all the way to Teladoc down 32% on the right. And a little bit of a different story for the semiconductors. Much more bullish looking than the software sector. Julie.
JULIE HYMAN: Thank you, Jared, very much.
