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Nasdaq Closes at Record High as Tech Fashions Gains

Stock MarketsJan 25, 2021 04:10PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The Nasdaq closed at record highs Monday, on Apple-led strength in technology ahead of a busy week of market-moving earnings from big tech.  

The Dow Jones Industrial Average fell 0.12%, or 37 points, though had been down more than 300 points intraday. The S&P 500 was up 0.38%, while the Nasdaq Composite gained 0.69%.

Tech, meanwhile, kept the downside in the broader market in check as the Fab 5 traded mostly positive ahead of a big week. Microsoft reports earnings on Tuesday after the closing bell, while Apple, Facebook and Tesla (NASDAQ:TSLA) are set to report earnings on Wednesday. 

Amazon.com (NASDAQ:AMZN), Microsoft  (NASDAQ:MSFT), Apple (NASDAQ:AAPL), Google-parent Alphabet (NASDAQ:GOOGL), and Facebook (NASDAQ:FB) ended the day higher.

The renewed strength in tech comes as investor appetite for cyclicals run of steam somewhat amid concerns over prolonged path for further stimulus and the threat of further Covid-19 restrictions.      

Energy was the biggest cyclical sector in the red, weighed down by weaker oil prices amid ongoing worries over pandemic-fueled weakness in crude.

National Oilwell Varco (NYSE:NOV), Devon Energy (NYSE:DVN) and TechnipFMC (NYSE:FTI) were down sharply, with the latter down about 5%.

Financials were dragged lower by a decline in bank stocks, which continued their post-earnings weakness as global growth concerns surfaced amid rising restrictions.

Biden is expected to sign a travel ban Monday on most non-U.S. citizens entering the country who were recently in South Africa, and on non-U.S. citizens from the U.K. and Brazil, in a bid to prevent the new virus strains identified in those countries from becoming prevalent in this country.

Airlines also fell sharply as growing restrictions will likely prolong the recovery in global travel demand. American Airlines (NASDAQ:AAL) and Delta Air Lines (NYSE:DAL) fell more than 2%, while United Airlines (NASDAQ:UAL) slipped 4%.

The fading prospect of a quick roll out of further stimulus has dimmed amid Republican opposition. Democrats are unlikely to get the 10 Republican votes needed to advance Biden’s $1.9 trillion plan. 

“We believe the size of this bill would likely prove challenging to garner bipartisan support. The provision of increasing the minimum wage to $15 is already facing resistance from the Republicans. We anticipate that the Biden administration may divide the bill into separate packages,” Wells Fargo (NYSE:WFC) said in a note.

Senate Majority Leader Chuck Schumer said on Monday he aims to secure passage of the next round of Covid-19 relief by mid-March.

In other news, GameStop (NYSE:GME) closed up 18%, paring some of its 120% intraday surge, as the short-squeeze continues. AMC Entertainment (NYSE:AMC) rallied 25% after it clinched a new financing deal that eased its liquidity woes, allowing the movie theatre operator to continue without filing for bankruptcy.

Nasdaq Closes at Record High as Tech Fashions Gains
 

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Comments (8)
Ed Kutch
Ed Kutch Jan 25, 2021 7:58PM ET
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can't take the heat.... stay out of the kitchen
Vlad Lozovskiy
Vlad Lozovskiy Jan 25, 2021 7:12PM ET
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95% of people lost money today, but hey I got a good news for you!!! Nasdaq is high!
leon kelly
leon kelly Jan 25, 2021 6:15PM ET
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I'm following the "WallstreetBet" ETF
Mitchel Pioneer
Mitchel Pioneer Jan 25, 2021 5:21PM ET
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Another day of flagrant manipulation in the biggest investment joke in the world, as a miracle recovery strips 400 points in losses from the DOW, while record levels of fraud are leveled on the NASDAQ. The legalized financial defiling of America continues.
Jin News
Jin News Jan 25, 2021 5:21PM ET
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It happened throughout 2020
Rob Fordham
Rob Fordham Jan 25, 2021 5:21PM ET
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You sound bitter. Miss the run?
Casador Del Oso
Casador Del Oso Jan 25, 2021 5:17PM ET
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It's inevitable that a violent correction will occur at some point.
Rob Fordham
Rob Fordham Jan 25, 2021 5:17PM ET
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Corrections always happen. Question is when and how much upsides before then
DrFunkenstein hayson
DrFunkenstein hayson Jan 25, 2021 4:32PM ET
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let the insanity continue, valuations earnings economics none of that matters now. we are in the rainbow Goldie locks phase where money doesnt matter, just keep buying the fake ponzi scheme economy
Mojo Snake
Mojo Snake Jan 25, 2021 4:28PM ET
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Or you could just say the FED's money printer broke around 10:45 and there was fear that it wouldn't be working again today but some magical repair guy got it up and running around 11:10 and the money never stopped flowing again.  That was a scary one Powell was sweating for sure.
Rob Fordham
Rob Fordham Jan 25, 2021 4:28PM ET
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Serious question what do all u dooms day folks do with ur money?
Mojo Snake
Mojo Snake Jan 25, 2021 4:28PM ET
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Rob Fordham  Day trade.....
cory slapes
cory slapes Jan 25, 2021 4:21PM ET
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Nasdaq closes at record high as market fakes a selloff only to ********everyone who sold so they can buy it right back to highs
 
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