Marketbites: Tech Stocks Rebound
MARKET PERFORMANCE:
Portfolio Manager Commentary:
The Nasdaq Composite climbed more than 1% Tuesday, as investors flocked back to tech stocks in the final days of what’s been a difficult August for the market. Chipmaker Nvidia led the charge of rising tech stocks with a gain of more than 4%. Shares of Meta Platforms, Tesla, Apple and Microsoft were all trading higher. The sector seemingly received a boost from falling bond yields following the release of new U.S. economic data.
AT&T rose 3.8% after Citi upgraded the stock and said the telecom giant would be able to afford its hefty dividend. Elsewhere, shares of retailer Best Buy added 5.6% after reporting an earnings beat. Tuesday’s moves come a day after the S&P 500 notched its first two-day advance of the month.
With just three sessions left in August’s trading month, the Dow is on pace to finish 2.8% lower. The S&P 500 and Nasdaq are poised for losses of 2.4% and 3.1%, respectively.
Chart of the Day:
Shares of Hawaiian Electric surged after the company refuted allegations that its power lines were responsible for the tragic Lahaina wildfire. The utility stated that it had disconnected power several hours before the catastrophic fire erupted. The company said a lawsuit filed last week by Maui County is “factually and legally irresponsible,” and said the county had “rushed to court even before completing its own investigation.”
Source: WSJ
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