The markets shot higher today, sending the Nasdaq 100 to record peaks. Once again, most of the recent tech stocks, like the FAANG names, helped the markets push higher. The Dow 30 closed higher by 224, the S&P 500 added 24 and the Nasdaq 100 closed higher by 107.
Facebook (NYSE: FB) and Amazon (NASDAQ: AMZN), which gained over 2% each, were two of the focus stocks in the tech space. Netflix (NASDAQ: NFLX) was the only one of the big tech names not to participate, losing 1.25% today after being downgraded.
Investors seemed more optimistic than yesterday as China has not immediately responded to the tariff news as they have in the past. This could be because of how specific the tariffs were, causing China to take more time to review their options. In addition, yesterday's additional tariffs won't actually go into effect until August.
Sector News
Technology was the leading sector today thanks to the gains in popular tech stocks. The sector hit a new high today as well, gaining 1.5%. The sector is now higher by about 6% in the last 15 trading days.
Industrials were the second best performer today, gaining 1.15% and nearly erasing all of yesterday's losses. With no response from China regarding the latest tariffs, investors came back to the sector today.
Consumer staples was the worst performing sector of the day, taking the day off in the middle of a strong and consistent uptrend. The sector is higher by 7% since hitting a low back in May.
Stock News:
Delta Airlines (NYSE: DAL) helped support analyst's expectations for 20% earnings growth this quarter, reporting earnings and revenue that came in better than expected. This sent shares higher by 1.8%, moving away from record lows established just a few days ago.
Papa Johns (NASDAQ: PZZA) founder John Schnatter has officially resigned after using racial slurs on a company conference call, sparking outrage from investors. Mr. Schnatter apologized for the comments and said racism has no place in our society.
Amazon (NASDAQ: AMZN) got a boost from analysts at Canaccord Genuity, who raised their price target to a whopping $2000 per share, stating that it "is the most constructive among the FANG stocks" and that current prices are low compared to historical standards.