Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Nasdaq Notches Best Day Since April as Bears Flee on Tech Rebound

Published 09/09/2020, 03:54 PM
Updated 09/09/2020, 04:06 PM
© Reuters.

By Yasin Ebrahim

Investing.com – The Nasdaq notched its best day in more than four months on Wednesday, as Apple (NASDAQ:AAPL) and Tesla clawed back some of their recent losses after traders snapped up beaten-down tech stalwarts.

The Dow Jones Industrial Average rose 1.60%, or 439 points. The S&P 500 was up 2.02%, while the Nasdaq Composite added 2.71% to notch its best day since Apr. 29. 

The sea of red that has washed over tech for the three-straight trading sessions turned green, with Apple rising more than 5% as investors resumed their bullish bets on the tech giant ahead of its new iPhone launch widely expected later this year.

Facebook (NASDAQ:FB) Alphabet (NASDAQ:GOOGL), Amazon.com (NASDAQ:AMZN), and Microsoft (NASDAQ:MSFT) were also up, with the latter rising more than 4% despite reports suggesting its proposed deal to buy TikTok is in jeopardy.  

TikTok parent Bytedance is reportedly in talks with U.S. government to discuss the possibility of avoiding a sale ahead of Trump-administration imposed Sept. 15 deadline, The Wall Street Journal reported, citing people familiar with the matter. 

The tech-heavy Nasdaq was also lifted by an 11% surge in Tesla (NASDAQ:TSLA), a day after the electric automaker slumped 20% after it failed to make the cut to be included in the S&P 500 despite generating four consecutive quarters of growth.

But Slack Technologies (NYSE:WORK) sidestepped the rally in tech, plunging 1%4, as its better-than-expected second-quarter results were offset by signs of slowing growth in billings.

"Slack's billings miss … will be a shock to the bulls anticipating a clean beat," Wedbush said. "It appears elevated churn and overall macro softness impacted the company's results."

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Philadelphia Semiconductor Index also contributed to the rebound, rising 2.9%, led by Nvidia (NASDAQ:NVDA), Advanced Micro Devices (NASDAQ:AMD) and Qualcomm (NASDAQ:QCOM).

Elsewhere on the earnings front, Lululemon Athletica (NASDAQ:LULU) fell 7.5% as investors overlooked the company's better-than-expected quarterly results.

Airlines also struggled, paced by a nearly 3% decline in United Airlines Holdings (NASDAQ:UAL) after the carrier trimmed its third-quarter guidance on capacity and passenger revenue.

American Airlines (NASDAQ:AAL) fell 4%, Delta Air Lines (NYSE:DAL) and Southwest Airlines (NYSE:LUV) down more than 2% and 3% respectively. 

On the economic front, U.S. job openings rose 10%, or 5.8 million in July, though that was down from almost 7 million seen in June.

The signs of a slowdown in hiring kept up concerns about the pace of recovery at a time when parts reopening measures appear to be gathering steam once again.

On Sept. 30, restaurants in New York City will resume indoor dining, but with capacity capped at 25%, Gov. Andrew Cuomo said Wednesday.   

 

Latest comments

DO NOT FOLLOW financial advise DO NOT over complicate things DO NOT see be short term. I have been invested for 51 years, since i got my first paycheck as a young engineer. When I advanced in my career i deferred 90% of my salary and 100% of my bonus invested in Mutual funds at Fidelity and Vangard then some broad market ETF. I read but never follow any financial comentary i watch financial channels for entertainment - after 51 years my average is + 11.8% with a high of 38% and a low of - 11%. I sell when my profit is +10% for a stock and +15% for a call option - I keep 25% in cash to gradually buy the dips - i was able to send two kids to grad school / buy properties in New york / a house on a private island in Miami Beach and a flat In London. I am writing while having breakfast from a 27 meters chartered sailing yacht facing the island of SANTORINI in greece. Every hard working person can do that - just stick to one strategy - be patient
Wow great advice. I'm gonna screenshot this and hold on to your advice.
babadation
Don't fall for the hype. The big players are selling the rallies.
Best day since april you say, what is the price? Oh yeah it reversed a single red day. Really amazing stuff here. Definitely not a dead cat.
Yesterday the bulls were scattering, today the bears are fleeing. The bulls and bears must be very fit!
Hahaha
The animals are fed very well in the zoo
we didn't flee... we sold into the rally. real bears don't sell when everyone else is selling.. that's when we're taking profits.
human buyers ? no ... only hedge funds machines... investment? no .. gambling
FR fake rebound
Its called a Dead Cat Bounce! Bears will be back, probably tomorrow!
Really watch bear wont come till after november 3
Other 3 days was just a stock correction and nasdaq had been up sooo much already
The idea of a correction is that it fixes an imbalance. Was the market imbalanced? Definitely. Have the last few days restored balance? Not in the slightest. The markets may go back up, but it will only worsen the imbalance and set up a harder fall.
7k this month,20k this year
7k at what
 ndq
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.