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Weekly Market Insights: AI Rules Big Week for Tech Stocks

Weekly Market Insights: AI Rules Big Week for Tech Stocks

| May 28, 2024

Last week's stock performance was mixed, following investors' reaction to the Fed's May meeting minutes, while a handful of mega-cap tech companies created a buzz with their news.

Market Splits

Stocks began trading in a narrow band last week. Still, mega-cap tech names rallied in anticipation of the Q1 corporate report from a key company that makes semiconductors for artificial intelligence (AI). The enthusiasm lifted the Nasdaq to fresh records.

Federal Reserve news mid-week unsettled investors, who reacted to Federal Open Market Committee meeting notes that stated some Fed officials worried over the lack of progress on inflation.1

Technology was the sole winning group for the whole week, with all other Standard & Poor’s 500 industry sectors ending in the red.2

Source: YCharts.com, May 25, 2024. Weekly performance is measured from Monday, May 20, to Friday, May 24.
TR = total return for the index, which includes any dividends as well as any other cash distributions during the period.
Treasury note yield is expressed in basis points.

Footnotes and Sources


1. The Wall Street Journal, May 22, 2024

2. Sectorspdrs.com, May 24, 2024

3. The Wall Street Journal, May 22, 2024

4. Statista.com, May 24, 2024

5. IRS.gov, January 24, 2023

6. Ideas.ted.com, January 24, 2023