Daily Management Review

Tech-Stocks Soared In Wall Street’s Index In Last Week’s End


All the “three major” stock indexes of the U.S. continued on the path of declines on a “weekly losing streak”.

Main index of Wall Street saw a rise towards the end of last week as tech-related stocks led the way yet they are still heading towards “their longest weekly losing streak in a year” given the fear of COVID-19 economic impact weighing on the sentiments of the investors.
Mega tech companies such as Facebook Inc, Alphabet Inc, Amazon.com, Apple Inc, and Netflix saw their shares rising “between 0.4% and 1.9%”. While the information technology index soared by “1.2%” following its outperformance of the week at a time when the economic data point to deteriorating scenarios. Ohio based James Investment Research’s Portfolio Manager, Barry James:
“We’ve been down for a number of days and the market is such that it’s looking for opportunities to buy”.
All the “three major” stock indexes of the U.S. continued on the path of declines on a “weekly losing streak”. Moreover, looking for clarity into the “Nov. 3 presidential election”, investors betted on Volatility. The “S&P industrials sector” increased by “0.8%” owing to the jump shown in the data for orders on main “capital goods” made in the U.S. Furthermore, Reuters had informed:
“Royal Caribbean RCL.N, Norwegian Cruise Line NCLH.N and Carnival Corp CCL.N jumped more than 5% after a report that Barclays upgraded their stock to ‘overweight’”.
On the other hand, given the increase in COVID-19 related cost Costco Wholesale Corp dropped by “2.6%” for the consecutive quarter. However, Boeing Co added “3.6%” as the regulators have given a green signal for lifting the ban on their “737 MAX” for resuming flight from November.
Novavax Inc’s “late-stage trial” launch of “experimental COVID-19 vaccine” in the United Kingdom, earned the drugmaker a “11.3%” increment. While Reuters added:
“The S&P index recorded one new 52-week high and no new low, while the Nasdaq recorded 14 new highs and 30 new lows”.