The Nasdaq Records a Record-breaking Rebound
After carrying over last week’s unfortunate performance to ruin this week’s momentum, the Nasdaq finally emerges from the dark.
The index recorded its best trading day in four months, primarily driven by its blue-chip stocks. It notched a 2.71% increase to 11,142 points, its highest climb since April.
Apple Inc.’s stocks surged more than 5% with the new iPhone launch’s anticipation later in the year. Of the four models to be launched, the highest version will feature a 5G network for the first time.
Similarly, the anticipation for the September 15 event, as released on the company’s virtual invite, raises speculations on the launch of the Apple watch’s latest version.
Also climbing the upward trail is Tesla. The Elon Musk-owned firm experienced its most painful blow yesterday after stocks recorded a 21% stall amounting to $16.3 billion.
This is the EV manufacturer’s lowest performance since its IPO in 2010.
It managed to secure a 10% rally, adding $32 billion in its market value.
The two other Wall Street indices also rose. The Dow30 records the highest climb of 439 points while the S&P 500 was up by 2.02%.
Wall Street Trades in the Green
The technology blue-chip lead the market anew after the constant battering of red tags.
Amazon, Apple Inc., Alphabet, and Facebook, who collectively lost $1 trillion market value in the last three days, all rebounded on today’s trading session.
At S&P 500’s technology sector, tech stocks rallied at 3.4%, which is the niche’s biggest rally since April 29. However, due to last week’s losses, the sector is still down by 8.4%.
Analysts note that this could be the start of the market revamp. The Nasdaq’s mega-cap firms will no longer be invincible and will record more sustainable growth in the coming days.
In the past week, tech declines came from the market’s speculations of massive stock sell-off due to unsustainable valuations.
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