Posted 2/2/2024, 11:13:00 PM
Stocks Hit New Highs as Big Tech Earnings Boost Market, But Rally Showing Signs of Fatigue
- Dow Jones and S&P 500 hit fresh record highs Friday while Nasdaq rebounded to 2-year high thanks to Meta, Amazon earnings
- Big tech earnings generally positive, buoying sector; market breadth weak with small caps struggling
- Adobe, Axon, MongoDB, Synopsys flashed buy signals Friday; several tech stocks setting up handles or early entries
- Earnings remain heavy next week with Caterpillar, Chipotle, Eli Lilly among many reporting
- Market rally continues powering higher but weakness in breadth something to note; Nasdaq getting extended so caution warranted