All good things must come to an end, and after nine-straight weekly wins, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) finally cooled off to open June. A rotation out of tech stocks -- exacerbated by elevated bond yields -- put pressure on an overbought semiconductor sector all week. The Nasdaq and S&P 500 strung together a handful of record closes, but Friday's jobs data-fueled selloff put a dent in Wall Street's sentiment. The Dow Jones Industrial Average (DJI) is eyeing a weekly win, and is heading for another record close.
Unpacking a Choppy Week For All Things Tech
Gains weren't always there for tech stocks this week, but headlines were. Nvidia (NVDA) remains a June outperformer, historically, something to keep in mind after its latest chip reveal. Hardware icon Hewlett Packard Enterprise (HPE) melted up after an earnings triple play, though 2026 winner Ciena (CIEN) wasn't as fortunate in the earnings confessional.
Retail stocks came across our radar more often than not the last five trading days. lululemon athletica (LULU) rallied into its earnings report. Cava Group (CAVA) flashed a bullish signal. A downgrade shook up Shake Shack (SHAK)stock. Macy's (M) broke out after a stellar corporate report. Even beleaguered Chipotle Mexican Grill (CMG) got some love from the brokerage bunch.
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