During trading Friday, 70 stocks traded to a 52-week high, while 45 stocks bottomed out at new 52-week lows. The S&P 500 is up 2.24% so far today while the Dow is up 1.54%, the Nasdaq is up 3.09%, and the Russell 2000 is up 2.41%.
Stocks are rallying Friday, capping off a strong week. Cryptos are lower.
Headline PCE prices rose less than expected in April, while the core figure that excludes some of the more volatile prices met expectations. On a year-over-year basis, PCE prices declined, following the PPI and CPI reports and supporting the peak inflation narrative.
Marvell Technology Inc (MRVL) is rising 7.47% after the semiconductor company edged out earnings and revenue estimates and provided in-line guidance. Marvell's data center business was a big highlight from the report as it accounted for roughly 45% of its total revenue and helped anchor the company's 131% year/year revenue growth.
Sector Highlights
Energy stocks dominated our list of highs today with 39 out of the 70 total stocks that reached their high coming from the Energy sector. The Energy sector is underperforming the market, increasing 1.47% so far on the day. Over the last month, the Energy sector has outperformed the market, increasing 17.4% while the S&P remained flat at 0%.
Energy: APA, AR, AROC, CHK, CIVI, CLR, CVI, DINO, DK, DMLP, ESTE, FANG, FRO, MGY, MNRL, MPC, MTDR, NE, NOG, OAS, PBF, PBFX, PSX, PTEN, ROCC, RTLR, SD, SLB, SM, SOI, STNG, SWN, TALO, TNK, VLO, VNOM, WES, WMB, XOM
Technology had the second-largest presence on our 52-week highs, with 6 out of 70 highs coming from the Technology sector. The Technology sector is outperforming the market today, increasing 2.83% so far on the day. Over the last month, the Technology sector has underperformed the market, decreasing 6.19% while the S&P has remained flat. .
