Mega-caps and chipmakers lead market higher
The market continues to push higher in a broad-based advance led by the semiconductor stocks. The S&P 500 is now up 0.9% and trading around the 3080 level after touching 3000 yesterday. Mega-caps Amazon (AMZN 2731.27, +49.63, +1.9%), Microsoft (MSFT 201.46, +3.03, +1.5%), and Apple (AAPL 365.57, +3.81, +1.1%) are also exerting influential leadership for the major indices on no specific news drivers. It's the last day of the quarter, and quarter-end rebalancing is evidently not playing a negative role today as some thought it would heading into the week. Treasuries, which would be favored over bonds during this rebalancing, are trading little changed. The 10-yr yield is down one basis point to 0.63%.