Mega-Cap Strength Pushes Nasdaq to New Record, S&P 500 Flirts with All-Time High

The stock market spent Friday in rally mode, with persistent strength in mega-cap names lifting the major averages. The Nasdaq Composite climbed 1.0% to a new record close, while the S&P 500 advanced 0.8%, finishing just 0.22 points shy of its all-time closing high at 6,389.77. The Dow Jones Industrial Average also joined the advance with a 0.5% gain.

There was no single macro catalyst driving the move. With no economic data on the docket and most earnings coming from smaller companies, the market was left to trade on its own momentum — and investors leaned into the week’s ongoing “buy the dip” mentality. Eight of the eleven S&P 500 sectors finished higher, led by communication services (+1.2%), information technology (+1.2%), financials (+0.9%), and health care (+0.9%). Real estate (-0.8%), utilities (-0.5%), and industrials (flat) lagged behind.

The real firepower came from mega-cap tech. Apple surged 4.24% to $229.35, extending its weekly gain to 13.3%, while Alphabet rose 2.44% and Tesla added 2.30%. Their strength helped the Vanguard Mega Cap Growth ETF climb 0.9%.

Smaller stocks struggled to keep pace. The market-weighted S&P 500 far outperformed the equal-weighted version, which finished flat. The Russell 2000 inched up just 0.1%, and the S&P MidCap 400 slipped 0.1%.

Late in the session, The Wall Street Journal reported that President Trump’s advisers are expanding the shortlist for the next Federal Reserve Chair, adding former St. Louis Fed President James Bullard and ex–Bush administration economic adviser Marc Summerlin to a list that already includes Kevin Hassett, current Fed Governor Christopher Waller, and former Governor Kevin Warsh.

Current St. Louis Fed President Alberto Musalem, a voting FOMC member, said he expects tariffs to keep inflation elevated and believes the current policy rate remains appropriate, though he remains open-minded.

On the commodities front, gold futures surged 1.1% to $3,491.30/oz — up 2.7% for the week — after reports that U.S. Customs may impose a 39% tariff on standard gold bars. Bloomberg later reported that the White House will issue an executive order exempting these bars from tariffs.

Geopolitical headlines also made waves. Bloomberg reported that the U.S. and Russia are discussing a potential agreement that would see Russia retain some occupied Ukrainian territory, followed by a CNBC report that a summit between President Trump and Russian President Vladimir Putin is tentatively set for next week. Details — including the location and the role of Ukrainian President Zelenskyy — remain unclear.

Oil prices briefly dipped on the news but recovered to close 0.1% higher at $63.88 per barrel.

The FTinvest 11 portfolio continued its rally in step with the broader market today, making an energetic push toward the new 820-point threshold. Momentum built steadily during the opening hours, with the index climbing as high as 822. Midday, however, the advance began to lose steam, prompting a gradual pullback.

Even so, the index held on to its gains, finishing the day up 0.87% and setting yet another all-time closing high at 820.69.