Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Nasdaq ends at record high as Big Tech roars back

EconomyJun 22, 2021 07:12PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The front facade of the New York Stock Exchange (NYSE) is seen in New York, U.S., February 12, 2021. REUTERS/Brendan McDermid

By Noel Randewich and Devik Jain

(Reuters) - The Nasdaq ended at a record high on Tuesday, lifted by Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT) and other top-shelf tech companies as investors shifted their focus to growth stocks.

Microsoft rose 1.1% and its stock market value briefly breached $2 trillion for the first time, while Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB) and Amazon also rallied more than 1% each.

Amazon had over $5.6 billion in total online sales in the United States on the first day of its Prime promotional event, according to Adobe (NASDAQ:ADBE) Digital Economy Index.

In a congressional hearing, meanwhile, Federal Reserve Chair Jerome Powell reaffirmed the U.S. central bank's intent to encourage a "broad and inclusive" recovery of the job market and not to raise interest rates too quickly based only on the fear of coming inflation.

So-called value stocks, expected to benefit from the economic recovery, have outperformed in 2021, while growth stocks, including major tech names like Apple and Nvidia (NASDAQ:NVDA), have rallied since the Fed last week took a stance on future rate hikes viewed by many as more aggressive than expected.

The S&P growth index has added almost 2% since before the Fed last Wednesday projected an accelerated timetable for interest rate increases, compared with a drop of almost 2% in the value index.

"The market was caught off guard regarding the Fed’s hawkish commentary, and that’s 100% of what is happening," said Andrew Mies, chief investment officer of 6 Meridian. "All the smart people were surprised about how hawkish the Fed was, and now they are adjusting their portfolios."

Nine of the 11 major S&P sector indexes rose, with consumer discretionary and tech the biggest gainers, each up about 1%.

(Graphic: S&P 500 sectors YTD, https://fingfx.thomsonreuters.com/gfx/mkt/oakvebdxapr/Pasted%20image%201624375167038.png)

The Dow Jones Industrial Average rose 0.2% to end at 33,945.58, while the S&P 500 gained 0.51% to 4,246.44.

The Nasdaq Composite climbed 0.79% to 14,253.27.

GameStop (NYSE:GME) jumped 10% after the videogame retailer said it raised over $1 billion in its latest share offering, cashing in further on this year's Reddit-driven surge in its stock price.

Sanderson Farms (NASDAQ:SAFM) rallied about 10% to a record high after J.P. Morgan raised its price target on the stock after a source told Reuters that the poultry producer was exploring a sale.

Twitter ended almost 3% higher after it said it will seek applications from users to test new content subscription and ticketing features, as the social platform works to build more ways for users to earn money.

Moderna (NASDAQ:MRNA) Inc rose 6.3% after the European Union decided to take up an option under a supply contract with the drugmaker that allows the bloc to order 150 million additional COVID-19 vaccines.

Splunk (NASDAQ:SPLK) Inc surged over 11% after the data analytics software maker said private equity firm Silver Lake invested $1 billion in the company's convertible senior notes.

Advancing issues outnumbered declining ones on the NYSE by a 1.26-to-1 ratio; on Nasdaq, a 1.08-to-1 ratio favored advancers.

The S&P 500 posted 28 new 52-week highs and 1 new low; the Nasdaq Composite recorded 78 new highs and 56 new lows.

Volume on U.S. exchanges was 9.5 billion shares, compared with the 11.1 billion average over the last 20 trading days.

Nasdaq ends at record high as Big Tech roars back
 

Related Articles

Nio Stock: Temporary Headwinds Present Opportunity
Nio Stock: Temporary Headwinds Present Opportunity By TipRanks - Sep 21, 2021

For year-to-date 2021, Nio (NYSE:NIO) stock has been an underperformer. During this period, the stock has declined by 34.3%. There are A few fundamental factors that have depressed...

3 Value Stocks to Buy While You Still Can
3 Value Stocks to Buy While You Still Can By StockNews - Sep 21, 2021

After outperforming from last fall into the spring, value stocks have been overtaken by growth stocks, but that is expected to change as the economic recovery continues. So, now is...

Airbus in talks on sales of A350 freighter -exec
Airbus in talks on sales of A350 freighter -exec By Reuters - Sep 21, 2021

By Tim Hepher TOULOUSE, France (Reuters) - Airbus (Pa:AIR) is in talks with several potential customers for a new A350 freighter while seeing signs of demand for smaller A320...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (25)
기훈 김
기훈 김 Jun 23, 2021 12:25AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Sex
Richard Tomlin
Richard Tomlin Jun 22, 2021 8:24PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Just let bubble get bigger the bigger it get the louder it burst
Investing Man
Investing Man Jun 22, 2021 4:47PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
All these people below need to spend the time to actually listen to the feds press conferences. It would probably ssve you money. Instead, you just keep doing what you do lmao. Its pretty dum b
Todd Gray
Todd Gray Jun 22, 2021 4:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Roar, is a fat lie. The Nasdaq trickled up. These guys ought to be penalized and incarcerated for fraud. How is it they don't understand the true meaning of the word - roar.
Joanna Zheng
Joanna Zheng Jun 22, 2021 1:14PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
what is the inflation rate now? Joe Biden can made the inflation double in only half year. Terrible
Todd Gray
Todd Gray Jun 22, 2021 1:14PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The longer I trade, the more clearly I see the markets as a set prop to sell false advertising. It all appears to be one big scam of false promises, contradictions, and manipulation on the people. I thinking its unworthy of my time and money.
Investing Man
Investing Man Jun 22, 2021 1:14PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Wow, if you didnt see this happening before biden got in 7 months ago you shouldnt be messing with money or investing
Ken Colontonio
Ken Colontonio Jun 22, 2021 1:14PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Biden's administration will destroy everything Trump buit up for us. It will only get worse. We have already seen a decline in the employment numbers (-6%). These liberals will prove that their ideas, although some sound good, are uneconomical and destructive to a thriving economy. You can thank anyone who voted for that clueless, corrupt, racist, liberal, socialist. The liberal agenda does not care about anyone except themselves. 2024 can't come quick enough.
Mez Chro
Mez Chro Jun 22, 2021 1:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Inflation like when you buy a pizza import for €1 = $ 1.1 then $ weak to €1 = $1.2 so inflation for US is 9% for pizza import. So when $ back strong its no inflation anymore
kangroo kiloo
kangroo kiloo Jun 22, 2021 12:46PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
fed cheif job is permanent , inflation is temporary. what a joke
Mez Chro
Mez Chro Jun 22, 2021 12:46PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
If inflation permanent it stupid fed chief 🤣🤣🤣 your doing best joke
Mitchel Pioneer
Mitchel Pioneer Jun 22, 2021 12:33PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The 10AM breaker fires with the predictability of the falling tide, and the biggest investment joke in the world goes green.  Flagrant fraud in the laughingstock of the financial world.
Fakhri Alisoy
Fakhri Alisoy Jun 22, 2021 12:11PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
i think he will try to reassure market that inflation is rising transitory to calm down market..usd will get some lost
Jimmy Kim
Jimmy Kim Jun 22, 2021 12:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Only J. P. does not know this inflation will make poors more poor
Nitesh Chaudhari
Nitesh Chaudhari Jun 22, 2021 12:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Gjyuyu8
Jouni Matero
Jouni Jun 22, 2021 11:50AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Jpo denies biggest market bubble of our times as well market manipulation and says inflation 'may' exist but it's very transitory and that basically everything's normal as always and Covid-19 probably never even existed and we shouldn't worry about it or new deadly variants rising their heads.
CHADWICK RICHINGTON
CHADWICK RICHINGTON Jun 22, 2021 11:35AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
His goal is to keep assets inflated
MK MK
MK MK Jun 22, 2021 11:07AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Who cares what that old fool says? He has lost any respect.Sell USD to the ground, maybe those silly yankies will get some clue
Twenty three Years exp
Twenty three Years exp Jun 22, 2021 10:46AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Chair Jerome Powell is expected to say, according to written remarks prepared for his testimony, citing rising commodities prices and increases in spending as the U.S. economy re-opens. Fed chief Powell said there was a clear disconnect between the sharp surge in markets and the state of real economy, as surplus global liquidity was driving up asset prices worldwide. He raised the red flag over the question of a bubble in the stock markets
Twenty three Years exp
Twenty three Years exp Jun 22, 2021 10:45AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Chair Jerome Powell is expected to say, according to written remarks prepared for his testimony, citing rising commodities prices and increases in spending as the U.S. economy re-opens. Fed chief Powell said there was a clear disconnect between the sharp surge in markets and the state of real economy, as surplus global liquidity was driving up asset prices worldwide. He raised the red flag over the question of a bubble in the stock markets
Robert Palumbo
Robert Palumbo Jun 22, 2021 10:43AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The economy is booming back. you can't find a new moyorcycle or boat, everything is selling like hot cakes. The shorts and the current power brokers are doing everything they can to convince everyone its going down
Jouni Matero
Jouni Jun 22, 2021 10:43AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
You livin' on 80's?
Michael Davino
MichaelDavino Jun 22, 2021 10:33AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Everything is aok. Print and pump.
Afed Afed
Afed Afed Jun 22, 2021 10:25AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
tuesday bloooooo dyy tuesday
Afed Afed
Afed Afed Jun 22, 2021 10:25AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
tuesday ******tuesday
Enrique Martinez
Enrique Martinez Jun 22, 2021 10:08AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Predictions for USD?
paul njuguna
paul njuguna Jun 22, 2021 10:08AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
sell
STEPHEN SPACH
STEPHEN SPACH Jun 22, 2021 10:08AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Get ready for the most dovish-sounding, non-committal, gaslighting remarks in Fed history
Afed Afed
Afed Afed Jun 22, 2021 10:06AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Waiting forthe crash
Ali Karimzadeh
Ali Karimzadeh Jun 22, 2021 9:59AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Whenever Powell talks, market goes down !
Ori The Ape
Ori_The_Ape Jun 22, 2021 9:51AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Gotta pump it up before it crashes
Bird Catcher
Bird Catcher Jun 22, 2021 9:51AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Gotta ensure no retailers profit from an obvious short
Jouni Matero
Jouni Jun 22, 2021 7:12AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
What are his sanctions in case it is later found he didn't tell the truth and nothing but the truth?
Jon Bal
Jon Bal Jun 22, 2021 7:12AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
haha. good one
Jurgen Daub
Jurgen Daub Jun 22, 2021 7:12AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
about the same as for all the BIG LIARS before him
Michael Davino
MichaelDavino Jun 22, 2021 7:12AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
lmao
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email