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US equities fluctuated on Thursday, with the S&P 500 briefly hitting 5,000 before closing just below the level in a rally driven by a narrow group. Walt Disney's gains propelled it to its best performance since December 2020, while Arm Holdings added $38 billion in value on an upbeat outlook. “AI is not in any way, shape or form a hype cycle,” Arm CEO Rene Haas said. AI hopes have sustained gains in tech companies, which have brought in more cash than ever before. Apple, Microsoft, Alphabet, Amazon and Meta have generated a record $139.5 billion of cash combined, data compiled by Bloomberg show. Meanwhile, US Treasuries struggled to gain traction despite a strong $25 billion sale of long-term bonds.
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