Tech Stocks Drive Market Higher


The S&P 500 Information Technology sector (+1.2%) was Monday’s leader, led by shares of Apple (NASDAQ:AAPL) and semiconductor companies. The other 10 S&P 500 sectors hung near their unchanged marks.

Apple outperformed after Morgan Stanley raised its price target to 247 from 231.

The Philadelphia Semiconductor Index rose 2.0% following positive commentary out of Goldman Sachs.

Goldie upgraded Micron (MU 47.19, +1.67, +3.7%), Lam Research (LRCX 207.21, +8.74, +4.4%), and Applied Materials (AMAT 50.73, +2.92, +6.1%) to Buy from Neutral, stemming from a positive view on the memory market.

Boston Fed President Rosengren (FOMC voter) advocated against a rate cut at the 30-31 July FOMC meeting after Friday’s close. The market was not deterred by his stance Monday, as it still expected a cut of at least 25 bpts. Outside of tech names, there appeared to be buying reservations in front of Key economic data released later this week.

Monday, the major US stock market indexes finished at: DIA +17.70 at 27171.90, NAS Comp+57.65 at 8204.14, S&P 500 +8.42 at 2985.03

Volume: Trade on the NYSE came in at 717-M/shares exchanged

  • NAS Comp +23.6% YTD
  • S&P 500 +19.1% YTD
  • DJIA +16.5% YTD
  • Russell 2000 +14.6% YTD

HeffX-LTN’s overall technical analysis for the major US stock market indexes is Neutral to Bullish in here.

Have a terrific week.