(Bloomberg) — Stocks struggled to gain traction, with big tech losing steam after a powerful rally driven by the artificial-intelligence euphoria.
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A feat of multiple records in the world’s biggest equity market drove the S&P 500 briefly above 5,100. The “Magnificent Seven” group of megacaps underperformed, though Nvidia Corp. saw a modest gain and its value hovered near $2 trillion.
“The speed of the tech rally has left investors wondering whether to take profits,” said Mark Haefele at UBS Global Wealth Management. “While we see merit in rebalancing portfolios, we believe that retaining strategic exposure to US large-cap technology is important.”
A rally in AI and optimism about economic growth at a time of easing monetary policy are the ingredients of a “magic sauce” to drive more gains in equities, according to Bank of America Corp.’s Michael Hartnett. The strategist — who has taken a…
