Nasdaq hits record high, as Facebook, AMC stocks surge
- 29th June 2021
- Posted by: Hakeem
- Category: Stock
The stock market in the United States hit a new high on Monday, lifted by a court victory for Facebook and a remarkable performance by technology firms, AMC Entertainment (AMC), GameStop (GME) and others.
The Nasdaq outperformed the other major indexes thanks to a strong performance from technology. It was up 0.8% at the closing, having reached a new high. With a gain of roughly 4%, Zoom Video Communications (ZM) was among the best performers.
Nvidia (NVDA), a member of the Leaderboard, delivered a gain of more than 5%, exceeding a profit projection of 20% from its most recent basis.
The S&P 500 managed to claw its way back into positive territory, gaining 0.1%. Etsy (ETSY) was the best performer with a 6% increase, while Carnival (CCL) was the worst performer with a 7% decline.
Facebook’s stock soared more than 4.18 % after a federal judge in the United States dropped an antitrust action brought against it by the Federal Trade Commission, and the firm closed with a market capitalization at $1.01trillion.
The Dow Jones Industrial Average was the key index that lagged the most. Even though it was able to reduce its losses, it was still down by 0.5%. With a rise of about 1.5%, Apple shares was one of the better-performing components.
After Friday’s drop, AMC stock made a gain of about 7%, it was still well behind its highs. Although the cinema stock is currently losing money, significant price jumps have pushed its Relative Strength Rating. So far in 2021, its stock has increased by roughly 2,700%.
The June jobs report, which the Labor Department is set to release on Friday, is the next big piece of economic data. Nonfarm payrolls are expected to rise by 683,000 in June, according to economists. While such a strong reading would surpass the 559,000 recorded in May, it would still fall short of the 1 million that some had anticipated for when the US economy recovered from the Covid-19 crisis.
As employers struggle to fill job postings and pandemic-era jobless benefits wane down in several states, investors will be looking for evidence of wage inflation in the June report.