|Day's Range||10,831.15 - 10,927.56|
|52 Week Range||6,631.42 - 10,927.56|
Stock futures clung to the flat line Monday evening after a tech-led rally during the regular session, with investor attention still centered on fresh signs of corporate and economic stress from the coronavirus pandemic.
Strength in technology once again lifted the market, with the Nasdaq Composite hitting an all-time high. The S&P 500 advanced 0.7% to 3294.61, and the Nasdaq Composite gained 1.5% 10902.80, a record high.
Michael Wilson, chief U.S. equity strategist at Morgan Stanley, and his colleagues believe that the narrow breadth of winners in the stock market will likely result in a 10% correction before giving way to a renewed rally.
As we've seen often in recent months, the Nasdaq Composite led the way higher, but the Dow Jones Industrial Average and S&P 500 also managed to post solid gains. Electric vehicles continue to inspire a loyal group of investors, and between existing giants and up-and-coming newer players on the EV scene, there's been a lot of speculation about just how important a market the industry could become. Tesla (NASDAQ: TSLA) and its 4% rise played the most important role in giving the Nasdaq a boost, but gains of more than 20% for both Workhorse Group (NASDAQ: WKHS) and Nikola (NASDAQ: NKLA) showed the breadth of interest in the sector.
It's hard to believe in a coronavirus-plagued world, but the Nasdaq Composite (NASDAQINDEX: ^IXIC) is up significantly for the year. The Nasdaq's gains in 2020 have come from several different corners, but the biggest influence has come from companies that are trying to meet new needs in the wake of the pandemic. Zoom Video Communications (NASDAQ: ZM) has become an essential service for millions of people, and its stock saw big gains Monday as investors continue to believe that it can grow from its new base.
U.S. stocks rise Monday to kick off the first trading day of August as investors were heartened by upbeat manufacturing data, even as talks appeared stalled over another round of coronavirus stimulus.
The U.S. ISM manufacturing index came in at 54.2 for July, better than economists had expected. A flurry of news about deals is lifting markets as well.
U.S. stocks finished higher on Monday to kick off the first trading session in August as investors eyed an increase in manufacturing activity across the world, along with stimulus negotiations in Washington. The S&P 500 gained 0.7% to end around 3,295. The Dow Jones Industrial Average advanced 236 points, or 0.9%, to finish near 26,664, based on preliminary numbers. The Nasdaq Composite rose 1.5% to 10,903, setting a new intraday and closing record on Monday. Investors were buoyed by the Institute for Supply Management's report that its manufacturing gauge rose to a reading of 54.2, its highest reading in 15 months. Any number above 50 represents an increase in industrial activity. Stalled negotiations in Congress over a new coronavirus relief package continued to draw attention amid worries that without additional stimulus funds the U.S. recovery could suffer a severe setback.
Kailish Concepts, a quantitative analysis firm, borrowed words from the Berkshire boss in a note taking a deep dive into the “death of valuation” in today’s market.
The Nasdaq Composite is once again leading the major indexes higher. Investors are hoping more news later this week around unemployment could help extend the gains.
The Nasdaq Composite is starting August off on a high note, which could push the technology-laden benchmark to its fastest 1,000-point milestone in the past 20 years.
Wall Street closed higher on Friday buoyed by strong earnings results of four tech behemoths defying coronavirus-induced economic devastation.
Investors are eating up that common stock-market refrain lately, as they should. After all, the central bank is armed with essentially unlimited firepower, and it’s putting it to work by pumping a seemingly endless flow of liquidity into markets. Hence, sky’s the limit. For now.
The S&P 500 index early Monday was climbing, pushing the broad-market benchmark to around its highest trading level since Feb. 21 at its intraday peak. The gains in the index were being powered by a rally in information technology shares and those for health care but the S&P 500's other nine sectors were trading in negative territory. Most recently, the S&P 500 was up 0.5% at 3,286 and had hit a peak at 3,292, which would mark its highest close since Feb. 21, according to FactSet data. Meanwhile, the Nasdaq Composite Index was trading in record territory, and hit an intraday peak, as a trend of gains in tech-related stocks continued. Meanwhile, Microsoft Corp. were powering the Dow Jones Industrial Average to gains after the tech giant said it was considering the purchase of the U.S. operations of TikTok, a Chinese-owned company.
Outlays for construction projects fell 0.7% in June at a seasonally adjusted annual rate of $1.36 trillion, the Commerce Department reported Monday. This is the fourth straight monthly decline. Economists polled by Econoday had expected a 1.3% increase. Spending in May was revised to a 1.7% fall from the prior estimate of a 2.1% drop. Residential construction fell 1.5% in June, while spending on public construction projects fell 0.7%. Despite the declines, construction spending has held up relatively well in the pandemic, with spending up 0.1% on a year-on-year basis.
The Nasdaq continues to lead and grab the headlines. However, recent market action is not all lollipops and roses. While the Nasdaq Composite Index and Nasdaq 100 closed above their near-term resistance levels, their progress was marred, in our opinion, by a general deterioration in overall market breadth as participating stocks became more selective.
U.S. tech isn’t heading into bubble territory but those heavily invested in the sector should rebalance their portfolios, according to UBS strategists.
Signs of increased deal activity are lifting the market as investors look ahead to more earnings reports from big U.S. companies.
A new bull market that was developed last quarter exiting the coronavirus-induced short bear market, is raging forward in the third quarter too.
Earnings season continues this week with another packed calendar for quarterly results. Meanwhile, the July jobs report is set for release Friday.
Microsoft's (MSFT) interest in TikTok sends the blue chip's shares soaring Monday; EV makers such as Nio (NIO) and Workhorse Group (WKHS) jump, too.
You've heard the whispers and warnings of a possible stock market bubble, and you're spooked. A stock market bubble happens when investor enthusiasm drives share prices up so high that they're disconnected from underlying value. Rising share prices are great for investors in the moment.