NAS Comp Marks Another Record High Close, Trade Concerns Dampen DJIA
$DIA, $SPY, $QQQ, $RUTX, $VXX
- China Cannot Win a Tit for Tat Trade War With the US
President Donald Trump’s threat to impose a 10% tariff on $200-B of Chinese goods, triggering a tit-for-tat trade war with Beijing, is “extremely good news for the United States,” Gordon Chang, an Asian affairs expert said Tuesday.
“China has been stealing hundreds of billions of dollars in US intellectual property each year and previous administrations have . . . not done anything. President Trump is doing something,” Mr. Chang said in a TV interview Tuesday.
Trade War, What Trade War?
Facebook, Alphabet, Amazon and Netflix all posted fresh all-time highs Wednesday, with only Apple not.
The 5 heavyweight stocks powered the NAS Comp to a record high and helped the broader S&P 500 shrug off concerns over tariffs between the United States and China.
Trade war worries have limited the benchmark S&P 500’s gain to about 3.5% this year, but the FAANG group, whose businesses are largely immune to trade and tariffs, is +10X in this frame.
Now the FAANG stocks are leading and acting very well.
The NYSE Fang+ Index, which includes the 5 core FAANG stocks, also hit a record high Wednesday.
- Facebook (NASDAQ:FB) jumped as much as 3.1% to a record high of 203.55.
- Google-parent Alphabet Inc. (ASDAQ:GOOG) rose 1.9% to 1,201.49.
- Amazon.com Inc. (NASDAQ:AMZN) rose 1.6% to 1,762.93,
- Netflix Inc. (NASDAQ:NFLX) climbed 3.5% to 419.17.
- Apple Inc. (NASDAQ:AAPL) hit a session high of 187.20, but 3.7% shy of its record of 194.20 marked on 7 June.
The FAANG group, according to a Bank of America Merrill Lynch poll, was the most “crowded” trade by investors for the 5th month running in May.
Wednesday, the major US stock market indexes finished at: DJIA -42.41 at 24657.80, NAS Comp+55.93 at 7781.53, S&P 500 +4.73 at 2767.06
Volume: Trade on the NYSE came in at 776-M/shares exchanged
- NAS Comp +12.7% YTD
- Russell 2000 +11.2% YTD
- S&P 500 +3.5% YTD
- DJIA -0.3% YTD
HeffX-LTN’s Major US Stock Market Indexes Technical Analysis
Read more at http://www.stockta.com/#5dDlmGITDD39CefV.99
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