The tech sector's tentative rebound is being led by Apple, which has provided reassuring guidance despite challenges in iPhone sales and the Chinese market. This has helped lift the S&P 500, although broader market concerns persist, particularly with Nvidia's upcoming meeting with former President Trump adding uncertainty. Investors are increasingly turning their attention to European equities, with the Stoxx 600 outperforming the S&P 500, and value stocks gaining favor over big tech, which some strategists, like Bank of America's Michael Hartnett, have dubbed the "Lagnificent 7" due to their potential underperformance this year. The info tech sector, excluding Tesla, Meta, and Amazon, is lagging behind the S&P 500, reflecting a shift in investor sentiment towards broader market opportunities.
The iShares Core S&P 500 ETF (IVV) rose 0.73% to $612.39 at 10:40 AM on Friday, January 31.