Technology stock investors are for the most part motivated today. Although there are more losers on the NASDAQ Composite, the index has been firmly higher all session. This can be witnessed by the up volume (+ 49%), which is more than down volume, and the 52-week highs racing ahead of the lows, as investors chase performance.
Netflix (NFLX) is obviously a big winner in a world shut-in and binge-watching TV. The company got a higher share price target of $490 from $430 at Goldman Sachs (GS).
Then there is Amazon (AMZN), which laid out how much more important the company has become to society in its shareholder letter this morning.
NASDAQ Composite Market Breadth | |
Advancing | 1,236 |
Declining | 1,746 |
52 Week High | 36 |
52 Week Low | 29 |
Advancing | 558.89M |
Declining | 375.14M |
For the broader market, the one-two punch of Consumer Discretionary and Consumer Staples continues to draw investors, and Healthcare looks very attractive.
S&P 500 Index | -0.28% | |
Communication Services (XLC) | -0.61% | |
Consumer Discretionary (XLY) | +0.86% | |
Consumer Staples (XLP) | +0.08% | |
Energy (XLE) | -3.90% | |
Financials (XLF) | -2.29% | |
Health Care (XLV) | +1.00% | |
Industrials (XLI) | -2.02% | |
Materials (XLB) | -1.75% | |
Real Estate (XLRE) | -0.95% | |
Technology (XLK) | +0.03% | |
Utilities (XLU) | -0.34% |
The market for the most part, outside of those sizzling names, is marking time, which is fine with me.