S&P500 Records Close Amid Individual Stock Focus

The S&P500 index saw a record close on Thursday, but Friday's trading session focused on individual stocks rather than the broader market. The Nasdaq-100 futures are up 0.2%, while the Dow is down 67 points. Reddit's inclusion in the S&P500 next week sparked a 10% jump in its stock price, as index funds must buy shares to track the benchmark.

Micron Technology plans to start buying back its own stock once government restrictions are lifted later this year, indicating that management sees the memory cycle strong enough to return capital. This move provides a catalyst for the semiconductor story, separate from the index change. Bill Ackman's Pershing Square disclosed purchases of established earners such as Netflix, Visa, and Mastercard, which do not rely on the AI infrastructure trade.

Reddit's stock price has gapped higher, with buyers testing the short-term retracement zone at $171.64 to $180.22, the 50-day moving average at $175.07, and the 200-day moving average at $177.88. A sustained move over $180.22 could send a strong bullish message.