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Secular Pivot Into Tech Stocks?

John Divine

The technology-heavy Nasdaq registered its sixth straight day of gains on Monday, the longest streak of the year, as what could be the beginning of a longer-term shift into the robust tech sector continued.

The index finished the day up 2.5% on the year, a remarkable fact considering the entire market has been blindsided by a pandemic and totally unprecedented global stay-at-home orders that no one was predicting at the end of last year.

Across all sectors, stocks were little changed on Monday, with the Dow Jones Industrial Average shedding 109 points, or 0.5%, to finish at 24,222. In sharp contrast to the Nasdaq's 2020 gains, the Dow is off more than 15% year-to-date and the more representative S&P 500 is down more than 9%.

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Musk vs. the world. It's no wonder Tesla (ticker: TSLA) CEO Elon Musk is trying so desperately to send a human to Mars -- he may want to go himself at the rate he's making enemies. The polarizing billionaire and entrepreneur took to Twitter over the weekend, threatening to sue Alameda County and move Tesla's headquarters to Nevada or Texas as a lockdown keeps TSLA's Freemont, California factory shuttered.

On Monday afternoon, Musk somehow managed to heighten the conversation even further, tweeting: "Tesla is restarting production today against Alameda County rules. I will be on the line with everyone else. If anyone is arrested, I ask that it only be me."

Bleak times for Under Armour. The travel and leisure industry has been dramatically hit, perhaps in a long-lingering way, by the pandemic. But sports is one of the other highly notable casualties of the virus, and that means ripple effects for companies like sports apparel manufacturer Under Armour ( UA, UAA).

Under Armour reported losses per share of 34 cents in the first quarter, twice as bad as analyst estimates, and whiffed on revenue expectations too, with sales of $930.2 million, down from $1.2 billion a year ago, well under the $976 million consensus.

Amazon Prime coming to a theater near you? Shares of the hard-hit AMC Entertainment Holding ( AMC) got a much-needed lift on Monday as the stock gained about 30% on reports that Amazon.com ( AMZN) could be weighing a purchase of the beleaguered movie theater chain.

Ever the savvy investor, Jeff Bezos' Amazon is laser-focused on the long-term and may see AMC, still down 60% year-to-date even after Monday's gains, as an opportunity to integrate vertically with its already vast movie studio. It's unclear whether the reports are fully substantiated.

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