So the Dow Jones just casually strolled past 50,000 for the first time ever on Friday, like it was no big deal. Except it totally was a big deal, because just days before, everyone was losing their minds about tech stocks getting absolutely demolished.
Here’s what happened: After a week that made software stocks look like they were auditioning for a horror movie (spoiler alert: they got the part), investors decided Friday was the perfect time to go bargain hunting. The Dow shot up over 1,200 points – that’s not a typo – closing at 50,115. Meanwhile, the Nasdaq jumped 2% because apparently everyone remembered that buying the dip has been working pretty well for the past couple years.
The real drama queen here was the iShares Expanded Tech-Software Sector ETF, which has been having what we’ll politely call “a rough month.” It’s down about 30% from its peak, but on Friday it decided to stage a comeback tour with a nearly 4% surge. Still not great, but hey, at least it’s trying.
Bitcoin also joined the recovery party, bouncing back 12% after flirting with the $60,000 mark on Thursday like it was testing our collective blood pressure. Crypto gonna crypto, am I right?
The winners list reads like a who’s who of “stocks that got beaten up this week but are feeling better now, thanks for asking”:
- CoreWeave: +20% (because apparently someone remembered they exist)
- Circle Internet Group: +14%
- Super Micro Computer: +11%
- AMD and Nvidia: Both +8% (the AI darlings are back, baby)
Paul Hickey from Bespoke Investment Group basically summed up the whole situation: people keep buying the dip because it’s worked for the last 18 months. Will it keep working? Nobody knows, but why mess with a good thing?
Even Charles Schwab’s Joe Mazzola was ready to put this week behind him, calling it “a miserable week for tech” that was “mercifully approaching the finish line.” Honestly, same energy.
The funny thing about all this? Amazon still managed to tank after their earnings report, proving that even in a rally, someone’s gotta be the party pooper. But the broader market just shrugged it off like, “That’s nice, Amazon, we’re busy celebrating over here.”
So here we are: the Dow at 50,000, tech stocks pretending they weren’t just having an existential crisis, and everyone acting like they totally saw this coming. Classic Wall Street – never let a good panic go to waste, especially when there’s money to be made on the other side.
The real question now? Whether this is the start of another leg up or just a really expensive head fake. But hey, at least we got to witness history in the making, even if it came with a side of whiplash.