Adding to the bullish momentum, regional bank shares rebounded from declines tied to the collapse of First Republic Bank. The Dow and S&P 500 still registered losses for the week, however, while the Nasdaq ended with a slight gain for the week. Apple drove gains in other tech shares, but all 11 major S&P sectors were higher on the day. The estimated decline in first-quarter S&P 500 earnings has been getting smaller since the start of the reporting season and is now at just 0.7% year-over-year, Refinitiv data showed on Friday. The S&P 500 posted 13 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 87 new highs and 104 new lows.

Source: The Edge Markets May 06, 2023 07:24 UTC