The S&P 500 finished higher on Friday despite more stocks falling than rising. That hasn’t boded well for future returns, a 30-year analysis conducted by Bloomberg's Akshay Chinchalkar, shows.
S&P 500 futures slumped on the release of data that showed a near two-fold jump in non-farm payrolls, which made investors question expectations of a heightened pace of rate cuts. However, it was the turn of technology mega-caps (again) to save the day, with a gauge of the Magnificent Seven ending higher for the fourth straight week, helping push the broader market well into the green.
Still, what stood out from Friday’s volatility-laden outing was that despite the S&P 500 finishing more than a percent higher, net breadth was negative with 276 stocks declining relative to 223 that rose.