S&P 500 Fluctuates
The S&P 500 closed little changed as Wall Street traders rotated out of chipmakers and into firms with stronger growth prospects
Wall Street traders continued to drive a rotation out of high-profile chipmakers and into a broader category of firms with stronger growth prospects, as equities swung at the close of a turbulent week.
While the S&P 500 closed little altered, the majority of its shares increased as signals of economic resiliency fuelled speculation that Corporate America would continue to surge ahead.
In an indication of rotation, the equal-weighted version, which removes market-value biases, achieved new highs.
The decline in oil prices also boosted sentiment.
Another round of selling hammered semiconductor businesses following a spike that placed the group on course for its best-ever quarter.
Following pressure from the Trump administration to stagger the release, OpenAI is providing a preview version of a more powerful new artificial intelligence model to chosen partners before making it broadly available in the coming weeks.
SoftBank fell on expectations that OpenAI may postpone an initial public offering until next year, delaying rewards for its Japanese backer.