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S&P 500 Racks Up Gains as Bulls Feast on Tech Rebound

Stock MarketsMay 24, 2021 03:38PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com –The S&P 500 climbed Monday as tech continued its rebound and reopening stocks rallied amid easing pandemic restrictions as Covid-19 cases in the U.S. hit their lowest since the pandemic began.

The S&P 500 rose 1.2%, the Dow Jones Industrial Average added 0.69%, or 235 points, and the Nasdaq Composite climbed 1.62%.

The reopening trade - bullish bets on stocks tied to the progress of the economic reopening – underpinned by further progress on the reopening and signs the vaccine rollout is slowing cases.

President Joe Biden is set to sign a bill, which was passed in the Senate last week, that will allow cruise lines to resume operations in Alaska.

Carnival (NYSE:CCL) rose nearly 3%, Royal Caribbean Cruises (NYSE:RCL) was up 4% and Norwegian Cruise Line (NYSE:NCLH) was up about 4%. Other reopening stocks including MGM Resorts (NYSE:MGM) and American Airlines (NASDAQ:AAL) were also higher.

Also contributing to positive sentiment on the reopening, New York City will allow all children to return in-school learning in September.

Energy, meanwhile, was boosted by oil prices even as an Iran nuclear deal draws closer, which experts say could result in global crude supply increasing by up to 2 million barrels per day. Goldman Sachs (NYSE:GS) forecasts Brent prices could reach $80 a barrel by the fourth quarter.

 
Tech, which snapped a five-week losing streak on Friday, was pushed higher by semis as chip demand is expected to remain intact in the midst of the supply shortage.

The iShares PHLX Semiconductor ETF (NASDAQ:SOXX) was up more than 1%, with NVIDIA (NASDAQ:NVDA) and Micron Technology (NASDAQ:MU) among the biggest gainers.

Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB), Microsoft (NASDAQ:MSFT), Google-parent Alphabet (NASDAQ:GOOGL) and Amazon.com (NASDAQ:AMZN) were up more than 1%.

The Epic versus Apple battle entered its final day in court, with Judge Gonzalez Rogers (NYSE:ROG) expected to deliver his ruling - on Epic’s claim that Apple's Appstore practices are anti-completive – in the coming months.

Tesla (NASDAQ:TSLA), meanwhile, was also in demand, rising more than 5% after Wells Fargo (NYSE:WFC) initiated coverage on the stock with an equal-weight rating and $590 price target, citing better expectations for deliveries.  

Investors appear to be warming up to the narrative that the rapid pace of inflation will prove to be transitory, helping to ease fears the Federal Reserve will be forced to rein in its loose monetary policy measures sooner than many expect.

Broader sentiment on risk was also helped by a sharp rebound in cryptocurrencies following another selloff this weekend. Crypto-related names including MicroStrategy (NASDAQ:MSTR), Square (NYSE:SQ), and PayPal Inc (NASDAQ:PYPL) were also higher.

In other news, Virgin Galactic Holdings (NYSE:SPCE) surged 27% after completing its maiden spaceflight test over the weekend.

S&P 500 Racks Up Gains as Bulls Feast on Tech Rebound
 

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Comments (9)
Mitchel Pioneer
Mitchel Pioneer May 24, 2021 4:07PM ET
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Another uninterrupted tightrope walk for the biggest investment joke in the world.
Mark Stallone
Mark Stallone May 24, 2021 3:37PM ET
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Soak it up. Milk the Market. Because come '22 / '23, the Recession hits (imo).
Tyrone Jackson
Tyrone Jackson May 24, 2021 2:52PM ET
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Oil to 100 Dx to 83 gold to 2400. The fed will not raise rates for at least 2 years. If anything rates will go negative. A big bank is about to *****up. Stocks rise with a falling dollar.
Khemara Khemara
Khemara Khemara May 24, 2021 2:46PM ET
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Install
Matt Kay
Matt Kay May 24, 2021 2:18PM ET
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Transitory inflation? haha. Fed is not capable of raising rates as that would make our debt levels go hyperbolic. Just wait couple weeks for the CPI numbers and assuming they are not manipulated, the narrative will change.
Manic Marco
Manic Marco May 24, 2021 2:18PM ET
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I think you are right, but CPI numbers have been manipulated for at least 30 years. (Check out shadowstats if you want to see today's CPI the way it was calculated in 1980.) I think consumers will have to notice the price increases on their own before they really start to freak out.
Zhong Wang
Zhong Wang May 24, 2021 2:11PM ET
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Pog Champ
ONLINE Bangla
ONLINE Bangla May 24, 2021 2:10PM ET
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nice
Mahdi Talebian
Mahdi Talebian May 24, 2021 2:09PM ET
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Elkhaleel Tv
Elkhaleel Tv May 24, 2021 1:59PM ET
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Sebastian Kicior May 24, 2021 1:59PM ET
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