The tech trade is back … for one day, at least.
 | WED, SEP 09, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 117.32 | +4.50 | +3.99% | | MSFT | 211.29 | +8.63 | +4.26% | | INTC | 49.62 | +0.71 | +1.45% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 117.32 | +4.50 | +3.99% | | GE | 6.16 | +0.02 | +0.33% | | AAL | 13.05 | -0.58 | -4.26% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 117.32 | +4.50 | +3.99% | | AAL | 13.05 | -0.58 | -4.26% | | TSLA | 366.28 | +36.07 | +10.92% | |
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The tech trade is back … for one day, at least. Technology shares rose on Wednesday to lead the broader market higher and claw back some of their recent steep losses. Tesla jumped nearly 11% a day after suffering its biggest one-day drop on record. Shares of Apple, Facebook, Amazon and Google-parent Alphabet also posted solid gains. Christian Fromhertz, CEO of Tribeca Trade Group, said the market was "due for a bounce" after the steep bout of selling knocked the S&P 500 and Nasdaq Composite back below their record highs.  To be sure, Stanley Druckenmiller of the Duquesne Family Office thinks investors should be cautious going forward as the market is currently in a mania driven by easy monetary policy and investor speculation. "Everybody loves a party ... but, inevitably, after a big party there's a hangover," Druckenmiller told CNBC's "Squawk Box" on Wednesday. "Right now, we're in an absolute raging mania. We've got commentators encouraging companies to do stock splits. Companies then go up 50%, 30%, 40% on stock splits. That brings no value, but the stocks go up." Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
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