Market Recap: S&P, Nasdaq rise to record closes
The S&P 500 and the Nasdaq both registered record closing highs on Tuesday, lifted by Apple and other technology stocks after an upbeat consumer confidence report.
Stocks to watch: $Moderna (MRNA.US)$, $GE Aerospace (GE.US)$, $Meta Platforms (FB.US)$, $FedEx (FDX.US)$, $DoorDash (DASH.US)$
Market Snapshot
The $Dow Jones Industrial Average (.DJI.US)$finished with a gain of about 9 points after being up more than 100 points earlier in the session, closing at 34,292.29.
The tech-heavy $Nasdaq Composite Index (.IXIC.US)$added about 0.2% for its own record of 14,528.33.
The $S&P 500 Index (.SPX.US)$notched another record high on Tuesday amid bullish economic data but retreated toward the flat line later in the session as Wall Street continued its recent period of low volatility.
U.S. stock futures were little changed on Tuesday night as the market gets set to close out a winning first half of 2021 and second quarter.
Futures on the Dow Jones Industrial Average gained 20 points, or 0.06%. Futures on the S&P 500 rose 0.08%. Futures on the Nasdaq-100 added 0.11%.
What drove the market?
Investors have shrugged off high inflation readings
Investors have shrugged off high inflation readings and have kept buying stocks on the hopes an economic comeback from the pandemic would continue. The three biggest winners in the Dow this year so far are Goldman Sachs, American Express and Walgreens Boots Alliance, all up more than 30%. Chevron, Microsoft and JPMorgan Chase are up more than 20% each.
The Conference Board's consumer confidence reading for June came in higher than expected
The Conference Board's consumer confidence reading for June came in higher than expected, adding to the bullish readings about the economic recovery.
Investors have shrugged off high inflation readings
Investors have shrugged off high inflation readings and have kept buying stocks on the hopes an economic comeback from the pandemic would continue. The three biggest winners in the Dow this year so far are Goldman Sachs, American Express and Walgreens Boots Alliance, all up more than 30%. Chevron, Microsoft and JPMorgan Chase are up more than 20% each.
The Conference Board's consumer confidence reading for June came in higher than expected
The Conference Board's consumer confidence reading for June came in higher than expected, adding to the bullish readings about the economic recovery.
With the market entering the final trading days of June and the second quarter, the S&P 500 is on track to register its fifth straight month of gains. The Nasdaq is pacing for its seventh positive month in the last eight. The Dow, however, is in the red for the month, and on track to snap a four-month winning streak.
Which stocks were in focus?
$Moderna (MRNA.US)$
Moderna shares surged 5.1% after the company said its Covid vaccine showed promise in a lab setting in protecting against coronavirus variants, including the highly contagious delta variant first identified in India.
$GE Aerospace (GE.US)$
General Electric shares added 1.5% after Goldman Sachs named the stock a top idea. "We view GE as the ultimate self-help, re-opening levered story in Industrials," Goldman Sachs' Joe Ritchie said in a note released Tuesday.
$Meta Platforms (FB.US)$
The Big Tech stock dipped 1% after rising more than 4% on Monday following a court decision that dismissed both federal and state antitrust complaints against the social media giant. Monday's stock jump pushed the social media giant into the trillion-dollar club.
$FedEx (FDX.US)$
The courier stock rose 1.3% after Bank of America Securities added it to its "US1" list of top picks and reiterated its buy rating on the stock. It also said it’s maintaining its price target of $372, implying an upside of 26.5%. "We see significant tailwinds for FDX, led by pricing gains, margin improvement (including TNT integration), continued e-commerce growth, and the return of 'business-to-business' volumes," BofA's Ken Hoexter said in a note.
$DoorDash (DASH.US)$
DoorDash shares increased 4.7% after Wells Fargo raised its price target on the delivery company to $215 from $170. The new price target is Wall Street high.
Which stocks were in focus?
$Moderna (MRNA.US)$
Moderna shares surged 5.1% after the company said its Covid vaccine showed promise in a lab setting in protecting against coronavirus variants, including the highly contagious delta variant first identified in India.
$GE Aerospace (GE.US)$
General Electric shares added 1.5% after Goldman Sachs named the stock a top idea. "We view GE as the ultimate self-help, re-opening levered story in Industrials," Goldman Sachs' Joe Ritchie said in a note released Tuesday.
$Meta Platforms (FB.US)$
The Big Tech stock dipped 1% after rising more than 4% on Monday following a court decision that dismissed both federal and state antitrust complaints against the social media giant. Monday's stock jump pushed the social media giant into the trillion-dollar club.
$FedEx (FDX.US)$
The courier stock rose 1.3% after Bank of America Securities added it to its "US1" list of top picks and reiterated its buy rating on the stock. It also said it’s maintaining its price target of $372, implying an upside of 26.5%. "We see significant tailwinds for FDX, led by pricing gains, margin improvement (including TNT integration), continued e-commerce growth, and the return of 'business-to-business' volumes," BofA's Ken Hoexter said in a note.
$DoorDash (DASH.US)$
DoorDash shares increased 4.7% after Wells Fargo raised its price target on the delivery company to $215 from $170. The new price target is Wall Street high.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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