The S&P 500 stabilized Friday after hitting one other file as traders regarded to finish the week on a excessive observe.

The S&P 500 added lower than 0.1%. Earlier Friday, the broad market index broke above 5,100 for the primary time. The Dow Jones Industrial Average added 35 factors, or 0.1%, additionally reaching a recent file. The Nasdaq Composite misplaced 0.2%.

Wall Avenue is coming off a monster session as Nvidia shares roared greater on robust quarterly results, main the chipmaker to surpass a $2 trillion valuation. The S&P 500 had greatest day since January 2023, whereas the Nasdaq Composite popped 3% for its greatest session since February 2023. The 30-stock Dow gained 1.2%.

All three main averages are on monitor for successful weeks. The S&P 500 is pacing for a 1.8% advance, whereas the tech-heavy Nasdaq has gained roughly 1.6% to this point this week. The Dow is up 1.4% for the interval.

“The query from right here is do traders shake that momentum? We have run up to this point, so rapidly. It won’t make a variety of sense to chase that kind of momentum,” mentioned Charlie Ripley, senior funding strategist at Allianz Funding Administration.

“Clearly, we have not seen fairly the momentum as we now have from expertise shares…I believe that does pose some dangers when it comes to the place the index goes finally, as a result of clearly the whole lot’s front-loaded into the expertise shares,” he added.

On the company earnings entrance, Block surged greater than 18% after fourth-quarter income surpassed Wall Avenue estimates. Carvana climbed 31% after the used automotive retailer mentioned it expects retail units to grow in 2024.