Microsoft hits record high! Technology stocks and financial stocks soared! 🥳
Treasuries hit highs on the release of retail sales data but fell back to flat for the rest of the session, otherwise it was a pretty quiet session yesterday. On the other hand, the rise in stock market risk sentiment continued unabated. Microsoft introduced (expensive) new pricing for its Office AI Co-pilot, pushing its stock price up another 3.8% intraday, hitting a record high, and also driving the overall technology sector higher. .
Meanwhile, strong earnings from BoA and Morgan Stanley boosted financial stocks, while an upbeat assessment of high-cost deposit outflows instilled confidence in the broader regional banking sector, with Charles Schwab shares rising 14% and KBW The regional bank index rose 3.5% to close at its highest level since March.