Tech stocks led gains on Wednesday as investors moved toward risky assets.
 | WED, JUL 20, 2022 | | | |
| DOW | | NAME | LAST | CHG | %CHG | | AAPL | 153.04 | +2.04 | +1.35% | | INTC | 40.56 | +0.34 | +0.85% | | VZ | 49.07 | -1.38 | -2.74% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AMD | 89.43 | +3.55 | +4.13% | | NVDA | 178.07 | +8.15 | +4.80% | | AMZN | 122.77 | +4.56 | +3.86% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AMD | 89.43 | +3.55 | +4.13% | | NVDA | 178.07 | +8.15 | +4.80% | | AMZN | 122.77 | +4.56 | +3.86% | |
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Tech stocks led gains on Wall Street as investors, hopeful that the market has finally found a bottom, shifted into more risky assets. On Wednesday, the Nasdaq Composite surged more than 1%, and all three major averages reached their highest point since early June. Semiconductor stocks outperformed as the Senate pushed forward a $50 billion bill to bolster chip manufacturing in the U.S. Shares of Advanced Micro Devices jumped 4.1%, Nvidia was up 4.8%, and Qualcomm advanced 2.9%. Meanwhile, streaming stocks jumped on the back of better-than-expected earnings from Netflix, which said it lost 970,000 subscribers in its most recent quarter, less than the previously forecasted 2 million. Shares of Netflix jumped nearly 7.4%. Disney advanced about 3.8%. Paramount climbed 3.8%, and Roku surged 6.9%. "I think the evolution of this drawdown is playing out as you'd want it to be scripted," said Art Hogan, chief market strategist at B. Riley Financial. "I think it's likely that we've reached a point of capitulation that we can have a significant rally off of." |
The pivot into growth stocks from more defensive sectors such as health care and utilities came amid some recent indicators that the bear market may have bottomed. On Tuesday, the Dow Jones Industrial Average surged more than 700 points, as a Bank of America survey suggested deteriorating sentiment could potentially set up a buying opportunity in the market. "We view this bullish breadth day as a sign that the summer rebound for U.S. equities can continue," wrote Stephen Suttmeier, technical research strategist for Bank of America, in a note Wednesday. Regardless, other market participants struck a more skeptical tone, as they awaited more clarity on the economic outlook.
"History says, but does not guarantee, that yesterday was more likely a bear market bounce than the start of a new bull market," said Sam Stovall, chief investment strategist at CFRA Research. |
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