Tech, momo stocks show they're still the places to be as market rallies
- Technology stocks broke out after a couple of muted sessions this
week. pushing the Nasdaq and S&P further into record territory.
- The Nasdaq jumped 1.7% and the S&P finished up 1%.
- The Dow closed up just 0.3%, hindered by UnitedHealth and Boeing.
- It would've been a different story for the Dow had Salesforce already
been in the index. The stock exploded following yesterday's earnings and
under today's Dow divisor would've added around 385 points to the index
on
its own. The company added more than $50B in market cap today as it hit
an all-time high.
- While Salesforce lifted Technology (NYSEARCA:XLK), Communication
Services (NYSEARCA:XLC) was the runaway sector, up 3.5%. Netflix, along
with tech streaming play Roku, closed near a record high. Facebook's
momentum continued and it's up about 12% in the last two sessions.
- The rest of the Fab 5 also posted strong gains, with Apple the
laggard, but still up more than 1.3%.
- Tesla, almost an afterthought today, jumped about 6%. It got a
Street-high price target of $2,500 from Jefferies.
- Power was concentrated at the top once again, while overall breadth
was pretty even. Six sectors finished higher, while five were lower.
- Energy (NYSEARCA:XLE) was the familiar dweller in the basement, down
more than 2%. Crude oil futures were flat as the Gulf Coast prepared for
Hurricane Laura, now a Category 4.
- Interest rates ticked higher, but again the 10-year Treasury yield
ended well off its intraday highs at 0.69%. It had been pressuring the
0.72% level.
|Today, 4:03 PM|32 Comments
- Technology stocks broke out after a couple of muted sessions this
week. pushing the Nasdaq and S&P further into record territory.
- The Nasdaq jumped 1.7% and the S&P finished up 1%.
- The Dow closed up just 0.3%, hindered by UnitedHealth and Boeing.
- It would've been a different story for the Dow had Salesforce already
been in the index. The stock exploded following yesterday's earnings and
under today's Dow divisor would've added around 385 points to the index
on
its own. The company added more than $50B in market cap today as it hit
an all-time high.
- While Salesforce lifted Technology (NYSEARCA:XLK), Communication
Services (NYSEARCA:XLC) was the runaway sector, up 3.5%. Netflix, along
with tech streaming play Roku, closed near a record high. Facebook's
momentum continued and it's up about 12% in the last two sessions.
- The rest of the Fab 5 also posted strong gains, with Apple the
laggard, but still up more than 1.3%.
- Tesla, almost an afterthought today, jumped about 6%. It got a
Street-high price target of $2,500 from Jefferies.
- Power was concentrated at the top once again, while overall breadth
was pretty even. Six sectors finished higher, while five were lower.
- Energy (NYSEARCA:XLE) was the familiar dweller in the basement, down
more than 2%. Crude oil futures were flat as the Gulf Coast prepared for
Hurricane Laura, now a Category 4.
- Interest rates ticked higher, but again the 10-year Treasury yield
ended well off its intraday highs at 0.69%. It had been pressuring the
0.72% level.
|Today, 4:03 PM|32 Comments
Comments
Post a Comment