Shares of technology companies rallied as traders rotated back into the "Magnificent Seven."
Shares of Apple, which had lagged the broad market for much of the year, rose sharply after the iPhone maker pledged to buy back an additional $110 billion of its shares.
Apple rose by more than 5% and looked set to test all-time highs, even as disclosed that iPhone sales slid during the fiscal second quarter.
Investors are betting that Apple can restore enthusiasm for its products with a wave of generative-artificial-intelligence enabled phones.
Among other mega-cap firms, Nvidia and Microsoft tested all-time highs.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-03-24 1710ET
