The S&P 500 index surged past the 5,000-point threshold by the week’s end, setting new record highs on the optimism surrounding artificial intelligence. Both the S&P 500 and the Nasdaq 100 celebrated their 14th positive week out of the last 15, showcasing the resilience of the winter rally.
The Magnificent Seven companies – Microsoft Corp. (NYSE:MSFT), Apple Inc. (NASDAQ:AAPL), Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL), Amazon Inc. (NASDAQ:AMZN), Meta Platforms Inc. (NASDAQ:META), NVIDIA Corp. (NASDAQ:NVDA) and Tesla, Inc. (NASDAQ:TSLA) – collectively skyrocketed to a market capitalization of $13 trillion, accounting for nearly half of the entire U.S. economy and matching the combined GDP of Germany, Japan and India.
Among the Russell 1000, Palantir Technologies Inc. (NASDAQ:PLTR) emerged as the top performer of the week, surging over 40%. Conversely, New York Community Bancorp (NYSE:NYCB) lagged behind, plummeting nearly 30% amid concerns surrounding its commercial real estate portfolio.
Chart of The Week: S&P 500 Breaks 5,000, Notches Fifth Straight Week Of Gains
Tesla’s Shaky Status: Tesla’s position among the Magnificent Seven group of largest S&P 500 companies is in jeopardy as its market cap falls, placing it ninth. Eli Lilly Company (NYSE:LLY) and Berkshire Hathaway Inc. (NYSE:BRK) have surpassed Tesla, with Broadcom closely trailing and poised to join the ranks. Tesla’s recent stock decline reflects challenges that include slowing electric vehicle demand.
Facebook Turns 20: Investing $1,000 in Facebook at its IPO in May 2012 would have grown to $10,180 by February 2024, reflecting a significant return. Despite controversies and challenges, Facebook’s parent company Meta Platforms has shown resilience, with strong financial performance and strategic acquisitions contributing to its growth.
Novo Nordisk’s Gold Standard: Novo Nordisk (NYSE:NVO)’s weight-loss drugs Wegovy and Ozempic are driving a transformation in the food industry as CEOs adapt to the decreased appetite these medications cause. This has led to a push for healthier food options in response to the changing consumer demand, affecting companies from Walmart Inc. (NYSE:WMT) to Chipotle Mexican Grill Inc. (NYSE:CMG).
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