The Power Rally in US tech companies is about to intensify after earnings from the biggest providers of I-net services and Smartphones blew past Quarterly earnings estimates.
ETFs tracking the NAS 100 rose about 1.8% following results from Amazon.com Inc. (NASDAQ:AMZN), Facebook Inc. (NASDAQ:FB), Alphabet Inc. (NASDAQ:GOOGL) and Apple Inc. (NASDAQ:AAPL) that showed business was mostly thriving despite the C-19 coronavirus chaos.
An ETF tracking the S&P 500 rose 0.8%.
Before the results hit, the NAS 100 was up 53% in the 91-days since the benchmark index bottomed on 20 March, the fastest rally over any comparable time period since Y 2000.
It is hard not to be impress by this Bull Run
The results are validation for Bulls who bet the tech giants would emerge from The China Virus stronger than the rest of the market.
Since the bottom on 20 March, the NAS 100 has added about $4-T in market value. The index is poised to beat the S&P 500 for a 10th month running, the longest winning streak in 20 yrs that thanks to solid balance sheets and focused products.
Thursday, the major US stock market indexes finished at: DJIA -225.92 to 26313.65, NAS Comp +44.87 at 10587.89, S&P 500 -12.22 to 3246.22
Volume: Trade on the NYSE came in at light at 826-M/shares exchanged
HeffX-LTN’s overall technical outlook of the major US stock market indexes is Bullish with a Very Bullish bias in here.
- NAS Comp +18.0% YTD
- S&P 500 +0.5% YTD
- DJIA -7.8% YTD
- Russell 2000 -10.4% YTD
Looking Ahead: Investors will receive the Personal Income and Spending report for June, the Chicago PMI for July, the Q-2 Employment Cost Index, and the revised University of Michigan Index of Consumer Sentiment (MSI) for July Friday.
Have a healthy day, Keep the Faith!
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