10 Top-Traded US Stocks for Thursday (6/17)

Movers and Shakers wrote a column · Jun 17, 2021 22:16

U.S. stock benchmarks put in a mixed performance Thursday, with technology and other growth-oriented shares rallying a day after the Federal Reserve rattled the market by raising its forecast for inflation and signaling that it could lift benchmark interest rates sooner than had been expected.

10 Top-Traded US Stocks for Thursday (6/17)

Why tech stocks led the market

With gains led by tech and other growth stocks, which are more sensitive to rises in interest rates, it looks like investors "believe that the economy will continue to outperform in the months ahead, even if it eventually means higher interest rates," said Fawad Razaqzada, analyst at ThinkMarkets, in a note.

"But this argument doesn't seem right to me," he cautioned. Razaqzada indicated that he would be wary of an equally sharp drop should bond yields start moving higher again.

"What we are seeing here is an interpretation that economic growth is improving and inflation is accelerating; historically both of those are positive for areas like the Nasdaq, tech stocks and even small caps," Dave Mazza, Direxion managing director and head of product. "Once we peel the onion a bit, what we are seeing in the data, all of this is generally positive for the economy."

10 top-traded US stocks for Thursday

$AMC Entertainment Holdings Inc(AMC.US)$, a popular WSB concept, was the star of the show, taking over from $Amazon.Com Inc(AMZN.US)$. The stock ranked the day's most heavily traded stock, closing up 10.1% on a trading turnover of $18 billion. AMC has soared 2764% year to date, driven by the retail investors' frenzy.

Following AMC, big tech names took most positions of the rank in terms of turnover.

$Amazon.Com Inc(AMZN.US)$, the No.2 company of most heavily traded stocks, closed up 2.2% with a turnover of $17.24 billion. J.P. Morgan analyst Doug Anmuth on Wednesday repeated his Overweight rating and $4,600 price target on Amazon shares, rating it as the industry's top pick.

Jefferies analyst Brent Thill on Wednesday designated Amazon shares a Franchise Pick, repeating a Buy rating and target of $4,200 for the stock price.

$NVIDIA Corp(NVDA.US)$ was the third most traded stock in the US stock market on Thursday. Its shares were up 4.8% and recorded an all-time intraday high on a turnover of $15 billion. Jefferies analyst Mark Lipacis boosted his price target on the stock to $854 from $740 on Thursday, the highest listed on FactSet.

$Tesla, Inc.(TSLA.US)$ was the fourth most traded stock, closing up 1.9%, while Chinese electric vehicle stocks also showed strong momentum.

$Apple Inc(AAPL.US)$, $Microsoft Corp(MSFT.US)$, $Advanced Micro Devices Inc(AMD.US)$, $Facebook Inc(FB.US)$ and other tech stocks ranked fifth to eighth in terms of their shares trading turnover on Thursday.

$JPMorgan Chase & Co(JPM.US)$ ranked the ninth in the list. The stock closed down 2.89%, the only one in the negative territory on Thursday among the 10 top-traded stocks.

$Shopify Inc(SHOP.US)$ shares gained 6% after five consecutive days of rising. Shopify Inc will make its e-commerce checkout system available to every retailer selling via Alphabet Inc's Google, and Facebook, expanding an existing collaboration, Bloomberg reported.

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