S&P 500 Halts Winning Run With Big Options Test: Markets Wrap
- Fed officials say rates may need to rise to tame inflation
- BofA’s Hartnett sees big stock rally followed by big collapse
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A seemingly unstoppable stock rally fueled by Wall Street’s obsession over anything related to artificial intelligence faltered on Friday, with the market facing the test of a massive options expiration.
Traders also took some chips off the table ahead of Monday’s US holiday. The Nasdaq 100 underperformed, led by losses in giants like Microsoft Corp. and Apple Inc. — which had recently closed at all-time highs. A worrisome warning from Micron Technology Inc. weighed on chipmakers, while Adobe Inc. climbed on a bullish forecast. The S&P 500 halted a six-day winning streak, but still notched its best week since March.