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Wednesday’s bull market conducted a tidy but emphatic rotation — out of the beloved tech-oriented giants and into a broader range of industries. Signs of the greater economy returning closer to normal helped the S&P 500 post another record closing high, along with the Nasdaq, which crossed the 12K benchmark for the first time in history. The S&P 500 finished +1.53%, the Nasdaq +0.98% and the Dow, within 2% of its own all-time high, was +1.59%.
For once, as mentioned, this run-up was not led by Tesla (TSLA - Free Report) — which fell 6% on a reported sell-off from a major investor, likely on the news of the $5 billion stock offering following its 5-for-1 split Monday — nor Apple (AAPL - Free Report) or salesforce (CRM - Free Report) , both down around 2%. Instead, we saw big advances for companies envisioned to succeed in the post-COVID world: AMC Entertainment (AMC - Free Report) was +16% on news it was reopening many of its movie theaters nationwide, Starbucks (SBUX - Free Report) came in +3% as people venture past their front gates once again, and Facebook was +7% because… well, because it’s Facebook.
Industry leaders for the regular session were far from the usual suspects: Utilities and Real Estate were stronger, while Tech only saw modest gains. All major sectors posted gains Wednesday besides Energy, which somehow missed any price-firming following the Gulf Coast destruction of Hurricane Laura last week.
This morning’s ADP (ADP - Free Report) private sector payroll report came in well below expectations, which continues another curious narrative in the present market scenario whereby economic data — good or bad — has little effect on trading appetites. We’ll see if this changes at all with Friday’s non-farm payroll report, which expects to have garnered 1.2 million new jobs last month. Factory Orders for July came in exactly as anticipated, at +6.2%.
Otherwise, investors will continue to enjoy the froth in this economically overvalued but impressively resilient market.
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The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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Nasdaq, S&P at New Highs: Enjoy the Froth!
Wednesday’s bull market conducted a tidy but emphatic rotation — out of the beloved tech-oriented giants and into a broader range of industries. Signs of the greater economy returning closer to normal helped the S&P 500 post another record closing high, along with the Nasdaq, which crossed the 12K benchmark for the first time in history. The S&P 500 finished +1.53%, the Nasdaq +0.98% and the Dow, within 2% of its own all-time high, was +1.59%.
For once, as mentioned, this run-up was not led by Tesla (TSLA - Free Report) — which fell 6% on a reported sell-off from a major investor, likely on the news of the $5 billion stock offering following its 5-for-1 split Monday — nor Apple (AAPL - Free Report) or salesforce (CRM - Free Report) , both down around 2%. Instead, we saw big advances for companies envisioned to succeed in the post-COVID world: AMC Entertainment (AMC - Free Report) was +16% on news it was reopening many of its movie theaters nationwide, Starbucks (SBUX - Free Report) came in +3% as people venture past their front gates once again, and Facebook was +7% because… well, because it’s Facebook.
Industry leaders for the regular session were far from the usual suspects: Utilities and Real Estate were stronger, while Tech only saw modest gains. All major sectors posted gains Wednesday besides Energy, which somehow missed any price-firming following the Gulf Coast destruction of Hurricane Laura last week.
This morning’s ADP (ADP - Free Report) private sector payroll report came in well below expectations, which continues another curious narrative in the present market scenario whereby economic data — good or bad — has little effect on trading appetites. We’ll see if this changes at all with Friday’s non-farm payroll report, which expects to have garnered 1.2 million new jobs last month. Factory Orders for July came in exactly as anticipated, at +6.2%.
Otherwise, investors will continue to enjoy the froth in this economically overvalued but impressively resilient market.
Questions or comments about this article and/or its author? Click here>>
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>