US Stock Market

Risk-on finish to a big quarter

If you own tech or “riskier” growth names, today probably felt like a good day. If you’ve been hiding out in utilities or defensive stocks, it was more frustrating. The market ended the quarter in full risk-on mode: AI chips and high-beta growth led a broad rally, while the usual “safe” sectors were sold.

The main U.S. indexes were solidly green. The S&P 500 gained about three-quarters of a percent, the Nasdaq jumped nearly one and a half percent, and small caps rose too. That fits with the news backdrop: this has been the strongest quarter for stocks in years, powered by excitement around semiconductors and AI.

Tech and chips back in the driver’s seat

Technology was the clear leader. The sector ETF was up about 2.7%, and individual chip names ripped higher: AMD popped more than 7%, Intel more than 6%, and a memory name like SanDisk was up over 10%. That’s the market saying, again, that AI hardware remains the star of the show.

Style-wise, it was a very clear rotation:

• Growth beat value by almost 2% on the day.
• High-beta stocks beat low-volatility names by roughly 2.5%.

In plain terms, investors were willing to take more risk to chase upside.

Defensives get dumped

While money rushed into chips, industrials, and other cyclical areas, the “boring but safe” parts of the market were hit hard. Utilities, consumer staples, and real estate fell around 1.5–2%.