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A market shift away from the handful of megacap technology and growth stocks that have powered the rally in the S&P 500 is not a given, cautioned John Quealy, chief investment officer at Trillium Asset Management.
The Nasdaq managed a small gain on Wednesday with support from megacap stocks while the S&P 500 and the Dow closed lower after US Federal Reserve chair Jerome Powell signalled more rate hikes and said he did not see inflation falling to the central bank's target rate "this year or next year."
The S&P 500 and Nasdaq surged on Thursday to close at their highest in 14 months, as investors cheered economic data that fuelled bets that the US Federal Reserve is nearing the end of its aggressive interest-rate hike campaign.
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The department will move from its location at 8590 St. Luke's Drive to a new building at 1501 Wall St. starting Wednesday.