S&P 500 Spikes in Final 20 Minutes of US Trading: Markets Wrap
- BofA says a drop in US tech could be the next ‘pain trade’
- Treasuries climb as inflation cooldown reinforces Fed-cut bets
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A renewed bout of volatility gripped US stocks in the final stretch of May, with dip buying pushing the market higher amid a rotation between technology and other industries.
In a late-day comeback, the S&P 500 rose almost 1% Friday to notch its best month since February. The gauge had fallen almost as much earlier in the session, dragged down by megacaps. Investors betting tech giants will continue to power gains could be in for a rough ride when other sectors start to catch up, according to strategists at Bank of America Corp. — who said the outperformance of value over growth as market breadth improves could be the next “pain trade.”