James Gruber

Peers, Salesforce, and ServiceNow added 4.1% and 3.2% respectively.

Roblox fell 18% following a cut in its annual bookings forecast.

Reddit jumped 13% after an upbeat quarterly revenue forecast.

Meanwhile, ExxonMobil's quarterly profit was hit by Middle East disruptions, while Chevron beat earnings expectations, but overall profit marked its lowest level in five years.

The supermajors dipped 1% and 1.4% respectively.

Meanwhile, U.S.

government bond yields fell on Friday alongside oil prices as traders weighed prospects for a deal to end the Iran war.

The U.S.

10-year treasury yield fell 1.0% to 4.37%, while the U.S.

2-year treasury yield also lost 1.0% to 3.88%.

In the US, earnings season continues with Palantir and Pinterest reporting today.

There's also a deluge of economic data from the US during the week, most notably with key unemployment data on Friday –

which is tipped to remain at 4.3%.

Well, Gil, America has been in a long and strong bull market since 2009, and one of the key things driving that has been companies buying back their stock.

They've done it to the tune of 2% to 3% of the total market capitalization of the S&P 500 in recent years.

What buybacks do is they increase demand for shares.

That natural demand for shares, which has led to the higher market prices, is going to be tested over the next 12 months with some massive IPOs in the pipeline, including SpaceX, Anthropic, and OpenAI.

If listed, these companies will be selling shares to the public en masse, which is expected to overwhelm any buybacks the rest of the S&P 500 might do.

And if investors choose to sell any stocks to purchase these IPOs, they're likely to be current technology stocks, which could potentially increase selling in the likes of the magnificent Seven Stocks.

Something to keep an eye on.