Live Markets: S&P tech index hits record, eyes strongest year since 2009

Cushman & Wakefield

12/12/2023 18:08

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      Major U.S. stock indexes higher in afternoon trading
    

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      Financials lead S&P 500 sector gainers; energy weakest
    

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      European 600 STOXX index down 0.2%
    

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      Crude down >3%; dollar, bitcoin dip, gold edges down
    

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      U.S. 10-Year Treasury yield slips to ~4.21%
    

  
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    S&P TECH INDEX HITS RECORD, EYES STRONGEST YEAR SINCE 2009
    The S&P 500's tech sector index  .SPLRCT  is hitting a
record high on Tuesday and is on track for its best year since
2019, buoyed by gains in Nvidia and Apple, and by optimism about
artificial intelligence.
    The tech index rose as much as 0.41% before easing to a
0.24% gain for the session. 
    
    The index is now up 53% in 2023, marking its strongest
annual performance since 2009, when the sector index had risen
about 60% by this point in December.
    Among this year's top-performing tech stocks are Nvidia
 NVDA.O , up 221%, Palo Alto Networks  PANW.O , up 119% and
Advanced Micro  AMD.O , which has gained 11%. Apple  AAPL.O ,
the world's most valuable company, is up 49% year to date.
    On Tuesday, Broadcom  AVGO.O  gained 3%, while AMD added 2%
and Nvidia was up almost 1%.
    
    The tech index's surge has put it far ahead of the S&P 500's
other 10 sector indexes for 2023. Communication services
 .SPLRCL  comes second with a 47% gain so far in 2023, driven by
173% surge in Meta Platforms  META.O , a 56% rise in Netflix
 NFLX.O , and gains of about 50% each in Alphabet  GOOGL.O  and
Take-Two Interactive  TTWO.O .
    Among the other S&P 500 sector indexes, healthcare  .SPXHC ,
consumer staples  .SPLRCS , energy  .SPNY  and utilities
 .SPLRCU  are down in 2023.
    
    (Noel Randewich)
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S&P 500 components so far in 2023    https://tmsnrt.rs/3RDMumL
S&P 500 sectors indexes in 2023    https://tmsnrt.rs/41kASID
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