Major indices pushed higher this week as investors absorbed a wave of earnings surprises from the largest software and semiconductor names. A softer inflation print helped the move, keeping rate-cut odds elevated into the back half of the year.
Within tech, cloud platforms and AI infrastructure providers led gains, while energy and defensives lagged on lighter commodity demand. Credit spreads stayed quiet, suggesting the rally is still being funded by a healthy risk backdrop.
Watch list items for the week ahead: follow-through on volume for the Nasdaq, guidance quality from the next slate of chipmakers, and any pickup in wage growth inside the jobs data. Those markers will set the tone for whether this rebound can broaden beyond mega caps.
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