Overnight blowout revenues and earnings from SpaceX (SPCX) coupled with a strong outlook reignited the AI and tech trade today sending the major averages higher.
Overnight blowout revenues and earnings from SpaceX (SPCX) coupled with a strong outlook reignited the AI and tech trade today sending the major averages higher.
A busy week of big bank earnings and inflation reports left the major averages mostly lower, but the Dow Jones was able to post a small gain.
The technical condition of the market remains mixed as the period came to a close. Despite record highs from the NASDAQ and NDX 100, underlying breadth remains extremely weak. Fresh record highs in the tech heavy indexes were accompanied by more new 52-lows than new highs, a divergence that has occurred only twice before in market history...
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| Index | Close | Day Change | Day % Change | YTD % Change |
|---|---|---|---|---|
| NASDAQ COMPOSITE | 26702.86 | 278.04 | 1.05% | 14.89% |
| DJ UTILITIES | 1081.39 | 2.99 | 0.28% | 1.25% |
| DJ TRANSPORT | 19922.56 | 37.06 | 0.19% | 14.78% |
| DJ INDUSTRIALS | 52856.09 | 360.21 | 0.69% | 9.97% |
| NYSE COMPOSITE | 24253.12 | 62.5 | 0.26% | 10.22% |
| S & P 100 INDEX | 3854.3 | 21.9 | 0.57% | 12.29% |
| RUSSELL 2000 | 2781.02 | 7.6 | 0.27% | 12.05% |
| S&P 500 | 7757.17 | 44.6 | 0.58% | 13.32% |
| CBOE MKT VOLATILITY | 16.68 | -0.63 | -3.64% | 11.57% |
| AMEX COMPOSITE | 8590.34 | 13.25 | 0.15% | 25.1% |
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