Nasdaq Up 2.5%, S&P 500 Recovers 2020 Loses, Amazon Leads Tech Sector Monday Market Rally

2020-7-21 11:26

Coinspeaker
Nasdaq Up 2.5%, S&P 500 Recovers 2020 Loses, Amazon Leads Tech Sector Monday Market Rally

The U.S. stock market started the week on a positive note with Nasdaq Composite (INDEXNASDAQ: .IXIC) gaining 2.5% by closing. On the day end, the Nasdaq index was trading at 10,767 levels. With Monday’s rally that was boosted significantly by the tech sector, the Nasdaq Index was trading 20% higher year-to-date.

The S&P 500 (INDEXSP: .INX) also closed in positive with a 0.84% rise. Closing the Monday trading session at 3251 levels, the S&P 500 recovered all its early year losses during the March 2020 market crash. Since its 2020-low on March 23, the S&P 500 has rallied more than 47% to date.

The tech sector contributed to Monday’s market rally with Amazon dominating yet again. Shares of Amazon.com Inc (NASDAQ: AMZN) jumped 7.93% giving a closing at 3196.84 levels. Amazon has been the top-performing stock on Wall Street with more than 50% returns year-to-date.

The Coronavirus pandemic and the lockdown has provided a major boost to the e-commerce industry. There’s a major shift in consumer behavior as most people prefer to buy online instead of going out. Amazon has been leading the way of making the best of this opportunity. On the other hand, COVID-19 cases continue to increase on a daily basis. Hence the e-commerce will continue to see accelerated growth in the coming months.

As per the data from Facteus, consumer spending on the Amazon platform surged 60% year-over-year since the end of April. Since the start of 2020, Amazon has added $561 billion to its market cap which currently stands at $1.59 trillion.

Goldman Sachs Expects Further Rally in Tech Sector

Wall Street banking giant Goldman Sachs is majorly bullish for the Amazon stock journey going ahead. Goldman expects Amazon’s revenue numbers to surge further in the coming quarters.

As a result, Goldman Sachs gave a price target of $3800 for the AMZN stock, nearly 25% from the current levels. Considering the latest set of data, Goldman has increased Amazon’s North American revenue estimates by 48% year-over-year. This is 15% higher from its previous estimates of 33%.

Apart from Amazon, Monday’s market rally also saw other tech giants contributing their share. Tech giant Microsoft Corporation (NASDAQ: MSFT) gained 4.3% on the index. Apple Inc (NASDAQ: AAPL) and Alphabet Inc (NASDAQ: GOOGL) gained 2.1% and 3.1% respectively. Facebook Inc (NASDAQ: FB) and Netflix Inc (NASDAQ: NFLX) contributed over 1% gains each.

While the stock market continues to rally, the economic indicators are not so good. The rising COVID-19 cases are absolutely keeping the global economy on tenterhooks. The Trump administration has initiated some major economic measures over the last few months and pumped nearly $2 trillion in the U.S. economy. Besides, the government has also extended unemployment benefits with a $600 a week cheque. But these payments are set to expire later this month.

The market is pinning up its hopes for the next set of bills. Aneta Markowska, a chief financial economist at Jefferies said:

“There is a lot of uncertainty about the size and shape of the next bill, particularly on the consumer side.”

Read other stock market news on Coinspeaker.

Nasdaq Up 2.5%, S&P 500 Recovers 2020 Loses, Amazon Leads Tech Sector Monday Market Rally

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Market.space (MASP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 MASP

market sector tech recovers nasdaq 500 monday

market sector → Результатов: 126


GameFi — the Tech Sector That’s Bear Market Proof

For the past months, Bitcoin has lost 70% of its value from its all-time high at $69K last November causing fear in the crypto market in what is more commonly known as “Crypto Winter”. Investments in blockchain projects have staggered, but even as the market is down, there is one sector that is sustaining growth: … Continued The post GameFi — the Tech Sector That’s Bear Market Proof appeared first on BeInCrypto.

2022-7-13 23:00


VF Invest – 1st To Market Crypto Investing App For Easy Diversification In Sectors like DeFi, Gaming, & More

Crypto media outlet Visionary Financial plans to launch a first to market non-custodial, and decentralized  investment platform that will finally let investors diversify in one place. The protocol, “VF Invest” plans to revolutionize user experience, giving users the ability to diversify in individual cryptocurrencies and sector portfolios in seconds, while having complete control over their […] The post VF Invest – 1st To Market Crypto Investing App For Easy Diversification In Sectors like DeFi, Gaming, & More appeared first on NullTX.

2020-7-18 00:10


Фото:

As Traditional Investors Flood the Bitcoin Market, Pundit Warns Of Risk On/Off Moves

As the cryptocurrency sector grows and matures, we can expect the arrival of more and more familiar faces from the traditional financial world. Especially during times of economic uncertainty. It’s becoming more likely that those who once thought Bitcoin was too far off will give the digital assets another look. Charles Edwards, a digital assets […]

2020-6-22 11:18


Bitmain Losing its Market Share as Customer Base Moves More and More Out of China: BitMEX Report

“Competition has tightened within the ASIC manufacturing industry,” stated BitMEX in its latest research report noticing the presence of big players like Bitmain, Canaan, Ebang, and MicroBT. According to the report, post halving, both the ASIC manufacturing and mining farm operating sector will consolidate further.

2020-6-17 22:22


Фото:

Yes Bank Disaster Underscores India’s Need for Digital Currencies

India’s financial sector has been experiencing a fair amount of trouble lately, as the private bank, Yes Bank, suffers from $2.5 billion in unpaid loans. The country’s officials have introduced measures to curtail negative effects on the market stemming from local and global incidents, but a better solution would be to introduce digital assets, for […] The post Yes Bank Disaster Underscores India’s Need for Digital Currencies appeared first on BeInCrypto.

2020-3-16 16:10


Фото:

Coinbase’s USDC Stablecoin Racing to Catch USDT’s Market Cap

Stablecoins have become an important aspect of the cryptocurrency space, and have also become big business with some of the prominent names in the space launching their own iterations. However, even with Coinbase, Binance, and PAX all launching a stablecoin in the last couple of years one stablecoin is still hugely dominant in this sector […] The post Coinbase’s USDC Stablecoin Racing to Catch USDT’s Market Cap appeared first on BeInCrypto.

2020-3-4 20:10