- U.S. stock index futures retreated on Friday, with the S&P 500 and the Nasdaq pulling back after consecutive record highs as investors weighed hawkish Federal Reserve projections against the backdrop of a cooling economy.
A rally in chip stocks, led by Broadcom, helped lift the semiconductor index to an all-time high on Thursday. The chipmaker rose 0.5% in premarket trading, while peers Nvidia and Micron were up 1.0% and 0.3%. A BofA Global Research report also showed the appeal of megacap growth stocks, as U.S. value stock funds saw $2.6 billion of outflows, while investors poured $1.8 billion into U.S. growth stock funds in the week to Wednesday.The Russell 1000 growth index is up nearly 20% so far this year, while the value index has only gained around 5%.
Among single movers, Adobe jumped 15.3% after the company raised its revenue forecast for fiscal 2024 on Thursday, expecting more demand for its artificial intelligence-powered software.
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