The S&P 500 closed out the week with slight gains on Thursday, with the benchmark index notching its strongest first quarter in five years, as investors digested the latest batch of economic data while looking towards the next inflation reading.
Each of the three main U.S. indexes recorded solid quarterly gains, led by a climb of 10.16% for the S&P 500, aided by optimism over artificial intelligence (AI) related stocks and expectations the U.S. Federal Reserve will begin to cut interest rates this year.
Most of the top 10 companies in the US rose in Q1. Nvidia performed the most brilliantly, rising over 82% with the AI boom. Microsoft, Alphabet, Amazon, Meta, Berkshire Hathaway, ELi LiLLy, Broadcom and JPMorgan Chase climbed between 8.05% and 37.18%.
While Apple fell double digits in the first quarter as concerns about weak iPhone demand and regulatory headwinds weighed.
Tesla stock tumbled nearly 30% in Q1, with its market value now below $560 billion. Tesla's market cap is behind JPMorgan and Visa, and the gap between Tesla and the other members of the Big Seven is getting wider.