Despite the Nasdaq (.IXIC)’s great run over the past few weeks, small-caps remained relatively weak and trust in the U.S. economy continues to fall, so index might still not hit 9K soon. On the other hand this weeks’s trends show that possible opening of the economy gives us enough hope that we could see a full recovery, but “W recovery” is something that investors should keep an eye on.
Investors decided to withdraw on Wednesday due to economic concerns. The prospect of further easing in the Corona crisis worried the NASDAQ Composite for a friendly start. However, the breakeven point remained contested for a long time. In the end, INDEXNASDAQ: IXIC won 0.91 percent to 8,854.39 points.
Investors have recently started hoping again for ways out of the lock-down in the USA, but they also had to weigh in mixed corporate numbers and gloomy economic data. As the Department of Labor announced on Wednesday, the US private sector cut more than 20 million jobs in April due to the Corona crisis.
Even clearer Dow losses prevented some technology stocks in the leading index. These are primarily based on the Nasdaq 100 selection index, which went up 0.61 percent at 8984.86 points. The broad S&P 500 showed like the Dow weaker, losing 0.70 percent to 2848.42 points.
Increases at Microsoft were among the Dow favorites , or Apple of up to one percent is due to the fact that investors continue to count on the good results of the corporations here in times when numerous people worldwide stay at home. The same was particularly evident on the Nasdaq with the shares from the streaming provider Netflix, which rose by 2.3 percent.
The chip sector was also in demand among tech investors, like Intel with price gains of 0.7 percent or the industry index SOX showed an increase of about one percent. The other way around, investors avoided oil values, such as price losses of up to 3.1 percent at ExxonMobil and chevron showed. It was pointed out here that the previous day’s rally in the oil price had already ended.