On Friday, major U.S. stock indexes closed with mixed results. The S&P 500 and Nasdaq Composite increased by 1.2% and 1.7%, respectively. In contrast, the Dow Jones Industrial Average fell by 0.5% as investors pivoted from cyclical and value stocks towards growth sectors driven by optimism around technology and AI.
Silicon Motion Technology Corp. (SIMO) saw a significant rise of 49.2% since its upgrade to a Zacks Rank #1 (Strong Buy) on May 1, outperforming the S&P 500’s 5% gain during the same period. Valmont Industries, Inc. (VMI), upgraded to a Zacks Rank #2 (Buy) on the same date, returned 7.6%. Additionally, the Zacks #1 Rank portfolio delivered a return of 13.14% through May 5, compared to 5.19% for the S&P 500.
In another notable performance, shares of Micron Technology (MU) and Advanced Micro Devices (AMD) surged by 129.6% and 126% over the past 12 weeks, respectively, while the S&P 500 only advanced by 9.9%. Overall, these figures highlight a strong preference for technology and AI-related stocks as robust corporate earnings continue to influence market sentiment.
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