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Wall Street’s major averages closed Friday’s trading session higher, notching fresh all-time trading highs and record high closes, as investors reacted to a hotter-than-expected May core PCE report and welcomed news of a newly inked U.S.-China trade agreement.
Deutsche Bank’s Jim Reid noted that the continued positive momentum in equities was impressive. “We seem to be in a sweet spot, post-Middle Eastern calm and pre-July 9th reciprocal tariff extension deadline” Reid added.
The US and China have finalized a trade truce reached last month, with Beijing agreeing to supply rare earths in exchange for the lifting of US countermeasures. The White House also has imminent plans to reach agreements with 10 major trading partners.
Much of the market’s recent strength has been driven by a select group of high-performing stocks that have delivered outsized year-to-date gains. These companies have not only outpaced the broader index but have also been instrumental in fueling its historic climb.
The Technology Select Sector SPDR Fund ETF (NYSEARCA:XLK) rose more than 3% throughout the week, outperforming the broader benchmark index, which grew 2.46%.
Let’s take a look at this week’s gainers and losers in the tech industry:
Gainers:
Arista Networks (NYSE:ANET) +15.23%: Arista Networks moved higher after Evercore ISI said it expects the networking company to sustain 20%-plus revenue growth due in part to its partnerships with Meta Platforms (META) and major cloud providers.
Enphase Energy (NASDAQ:ENPH) +14.03%: Enphase Energy closed to top the S&P 500 leaderboard on Thursday, following reports that the U.S. Senate may not cut federal tax incentives for residential rooftop solar installations.
Advanced Micro Devices (NASDAQ:AMD) +12.14%: Melius Research upgraded AMD to Buy from Hold, citing its potential in inferencing.
NVIDIA (NASDAQ:NVDA) +9.66%: Loop Capital Markets raised PT on Nvidia to a new Wall Street high of $250 from $175. Analyst Ananda Baruah cited the belief that hyperscale and AI factor spending could reach $2T by 2028.
Uber Technologies (NYSE:UBER) +9.25%: Uber Technologies tracked higher last week after the mobility company expanded its partnership with Waymo (GOOG) to parts of Atlanta.
Losers:
Palantir Technology (NASDAQ:PLTR) -4.78%
Paychex (NASDAQ:PAYX) -3.47%: Paychex (PAYX) posted mixed fiscal-year 2026 guidance for earnings and revenue growth, as headwinds from its Paycor acquisition and the discontinued Employee Retention Tax Credit program weighed on margins during the last quarter of FY2025.
Dayforce (NYSE:DAY): -2.53%
Paycom Software (NYSE:PAYC) -2.12%
Automatic Data Processing (NASDAQ:ADP) -0.92%: Automatic Data Processing entered into a $4.55B 364-day credit agreement and a $2.5B five-year credit pact.
U.S. Tech-based ETFs to track: (NASDAQ:QQQ), (NYSEARCA:VGT), (XLK), (NASDAQ:SMH), (NYSEARCA:IYW), (NYSEARCA:FTEC), (NASDAQ:SOXX), (BATS:IGV), (NASDAQ:CIBR), (NYSEARCA:IGM), (NYSEARCA:IXN).