The S & P 500 and the Dow Jones Industrial Average pressed higher this holiday-shortened week, as the Nasdaq Composite pulled back slightly — the action that shows a broadening out of demand for stocks outside of the mega-caps with exposure to the generative AI mania. It also likely reflects some end-of-quarter rebalancing activity as large fund managers look to trim year-to-date winners and rotate into the under-performers to maintain their target weightings.
Workers at a restaurant at Grand Central Market in Los Angeles, California, US, on Thursday, Nov. 2, 2023.The S&P 500 and the Dow Jones Industrial Average pressed higher this holiday-shortened week, as the Nasdaq Composite pulled back slightly — the action that shows a broadening out of demand for stocks outside of the mega-caps with exposure to the generative AI mania.