FAANG propels Nasdaq to record high, broader markets flat
Strong gains in tech heavyweights lifted the Nasdaq to a record intra-day high on Tuesday, while declines in financial and energy stocks weighed on the S&P 500 and Dow. The so-called FAANG stocks — Facebook (NASDAQ:FB), Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Netflix (NASDAQ:NFLX) and Alphabet (NASDAQ:GOOGL) — rose between 0.5 percent and 1.7 percent, helping the S&P technology index rise 0.5 percent.
However, investors were still wary about trade discussions and equity index futures pared gains earlier after White House economic adviser Larry Kudlow said President Donald Trump may seek separate talks with Canada and Mexico in a bid to get individual trade deals with the two countries.
"The market is a little bit on edge when it comes to trade talks," said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York.
A relentless rally in stocks last year, that sent the main U.S. indexes to record highs almost every other week, came to a halt in late January on issues ranging from rising interest rates, trade concerns to geopolitical issues.
However, strength in the U.S. economy, as shown by the latest jobs report, helped investors shift their focus back to fundamentals.
"The carry-over from Friday, with the strong employment report, is a fact that a lot of people have been light on their equity holdings and they're using this report as a reason to get back." investing.com/news/stock-market-news/futures-edge-higher-on-technology-boost-1480527
Strong gains in tech heavyweights lifted the Nasdaq to a record intra-day high on Tuesday, while declines in financial and energy stocks weighed on the S&P 500 and Dow. The so-called FAANG stocks — Facebook (NASDAQ:FB), Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Netflix (NASDAQ:NFLX) and Alphabet (NASDAQ:GOOGL) — rose between 0.5 percent and 1.7 percent, helping the S&P technology index rise 0.5 percent.
However, investors were still wary about trade discussions and equity index futures pared gains earlier after White House economic adviser Larry Kudlow said President Donald Trump may seek separate talks with Canada and Mexico in a bid to get individual trade deals with the two countries.
"The market is a little bit on edge when it comes to trade talks," said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York.
A relentless rally in stocks last year, that sent the main U.S. indexes to record highs almost every other week, came to a halt in late January on issues ranging from rising interest rates, trade concerns to geopolitical issues.
However, strength in the U.S. economy, as shown by the latest jobs report, helped investors shift their focus back to fundamentals.
"The carry-over from Friday, with the strong employment report, is a fact that a lot of people have been light on their equity holdings and they're using this report as a reason to get back." investing.com/news/stock-market-news/futures-edge-higher-on-technology-boost-1480527