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Big Day for Tech Ahead of Prime Day, 5G iPhone

Mark Vickery
·3 mins read

Markets shot up throughout the day to kick off a new week, with indexes off trading highs for the day but still up solidly, particularly the Nasdaq, which rose 2.36% on the day. the S&P 500 finished up 1.6% and the Dow was +0.87%. Pretty impressive for a day with no concrete economic news and no earnings reports to lead the market in either direction.

Tech up 2.7% today was a big part of the Nasdaq’s outperformance, and part of this had to do with anticipation for Prime Day from Amazon AMZN, which kicks off tomorrow for two days of limited-time sales from the e-commerce giant. In fact, one forecast expects Prime Day 2020 to jump 40% from previous year’s levels. Amazon shares rose 4.5% on the day, pushing the stock up over +85% year to date.

Apple AAPL performed even better, +6.3% Monday, on expectations for a consequential new unveiling of the company’s new iPhone. The biggest news about the new entry to the market is that it will be the first iPhone with full 5G capacity. Not that everywhere in the U.S. is even equipped with 5G technology yet, but we all know those who insist on having the very newest models, iPhones included.

Stock indexes are now enjoying a 4-day winning streak, going back to last Tuesday when stimulus negotiations looked too far gone to attain. Since then, and since President Trump’s reversal on the matter, market participants now seem to have the mindset that a stimulus package will happen one way or another, regardless what happens in the coming General Election three weeks from tomorrow. This has helped eliminate the static and lack of certainty that had been hampering the markets much of the previous few weeks.

After Monday’s closing bell, Disney DIS shares jumped more than 4% on an announcement that the company is re-aligning its content into a worldwide Media & Entertainment Distribution Group, including the all-important Disney+ streaming service. The new business segment, to be overseen by Disney Studios executive Kareem Daniel, is a restructuring based on the idea that keeping Content and Distribution working in separate lanes will improve their flexibility, synergies and profitability.

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