Marketbites: Tech Surge Ends Losing Streak
MARKET PERFORMANCE:
Portfolio Manager Commentary:
The Nasdaq and the S&P 500 rose Thursday, snapping three-day losing streaks as investors resumed buying tech stocks. “The Nasdaq is higher today but then again, it was off yesterday,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. “Equities appear to be in pause mode. The tug of war between bull and bear market camps is balanced, which implies uncertainty and increased volatility for the foreseeable future.”
Investors snapped up some major tech stocks that got dinged this week. Tesla shares closed higher, despite falling earlier in the day, even after the second major Wall Street bank in as many days downgraded the high-flying retail trader darling. Shares have more than doubled this year. Meanwhile, shares of Amazon were higher by more than 4%. Microsoft rose 1.8%. Apple hit a fresh all-time high late in the day, rising more than 1%.
Elsewhere, Boeing supplier Spirit AeroSystems dropped more than 9% after the company halted production in its Kansas facility. This follows a worker strike announcement set to start Saturday. Separately, Boeing shares also dropped more than 3%, weighing on the Dow.
Chart of the Day:
U.S. existing-home prices posted their biggest year-over-year decline in more than 11 years last month as rising interest rates continued to weigh on the housing market. The national median existing-home price fell 3.1% in May from a year earlier to $396,100, the largest drop since December 2011. Existing-home sales, which make up most of the housing market, increased 0.2% in May from the prior month. Still, May sales fell 20.4% from a year earlier.
Source: WSJ
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