The technology sector was Thursday’s standout performer, climbing 2.3% as the Goldman Sachs target upgrade to 7,200 provided the catalyst mega-cap growth names had been waiting for during two weeks of sideways consolidation. The NYSE FANG+ Index jumped 2.8%, with Nvidia adding 3.4%, Microsoft rising 2.1%, and Apple gaining 1.9%. The Philadelphia Semiconductor Index rose 2.6%, recapturing the 5,100 level after losing it in last week’s rotation.

The sector’s strength was broad-based but AI-linked names drew the heaviest institutional flows. Super Micro Computer rallied 4.7%, while Broadcom added 2.9% ahead of its upcoming analyst day. The AI trade, which had stalled in recent weeks as rising bond yields created competition for growth dollars, found fresh buyers on the thesis Goldman laid out: that AI infrastructure capex is still in its early innings and that EPS revisions for the tech sector have further room to run in the second half of 2026.

Energy was the worst-performing sector, falling 0.8% as WTI crude slipped below $94 a barrel to settle at $93.40. The decline accelerated in the afternoon after the EIA reported a larger-than-expected crude inventory build of 3.6 million barrels, surprising a market that had been expecting a modest draw. ExxonMobil shed 1.1% and Chevron fell 0.9%. The XLE Energy ETF has now given back nearly all of its gains from the Middle East risk premium that built up in late April and early May.

Crypto-related equities told a mixed story. Bitcoin climbed 2.4% to $92,800, tracking the broader risk-on move, but crypto-exposed stocks diverged. MicroStrategy rose 3.1% as the company’s bitcoin treasury strategy continues to attract premium-seeking investors. Coinbase gained 1.8%, while mining stocks like Riot Platforms and Marathon Digital were flat to slightly negative, suggesting that institutional interest in pure-play crypto exposure remains selective despite the improving macro backdrop.

Looking ahead, the key question for Friday’s session is whether the tech rally can sustain momentum through the week’s final trading day. Personal spending data, due at 8:30 AM ET, will be the first catalyst. A strong print would validate Goldman’s consumer resilience thesis and add conviction to the rotation into growth names. A miss could give pause — but for now, the path of least resistance points higher.