US tech giants are holding back the S&P 500 from hitting a record high, reversing the role the industry has occupied for the last 18 months as the main pillar supporting the US blue-chip benchmark.
After a weak US jobs report jolted global markets at the start of the month, the S&P has quickly clawed back the bulk of its losses. It was up 1 per cent on Friday, closing just 21 points short of the record high set in mid-July.
But it has struggled to make the final push over that line, even as the majority of stocks in the index have advanced since coming within touching distance of a new high more than week ago.
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