Day Traders Diary
The major averages build on solid gains from last week, as shares of major tech companies led the way higher on Wall Street. The Dow Jones Industrial Average finished up 124 points, or 0.5%, while the S&P 500 was up 0.6%. The tech-heavy Nasdaq Composite gained 0.9%.
Apple shares jumped more than 2% and hit a record high after the company made a slew of announcement at its annual WorldWide Developers Conference. The tech giant unveiled the latest version of iOS, its mobile operating system. Apple also said its new Mac computers will no longer use Intel chips.
Microsoft climbed more than 2% to lead the Dow higher. Amazon advanced 1.1%. Netflix gained 2.6%. Facebook eked out a small gain.
Retail names, which are directly linked to the economic reopening, were also among the biggest gainers. Shares of Gap were higher by 9%, boosted by an upgrade at Wells Fargo. Walmart gained more than 1% after an upgrade by UBS.
Shares of American Airlines — which are also linked to the recovery — were lower by 5.6% after the company said it was seeking new financing. United fell 2.3%. Reopening trades such as Casino and hotel stocks were also under pressure with Wynn Resorts and MGM Resorts down 4.2% and 2.1%, respectively.
In other developments, Nike rose 3% on an upgrade with a new price target of $112 a share. American Airlines fell 6.8% after announcing plans to raise $3.5 billion in capital through stock and bond sales. Virgin Galactic rose 15.9% after partnering with NASA for a private orbital astronaut readiness program.
U.S. Treasuries finished little changed after starting the session with small gains. The 2-yr yield was unchanged at 0.19%, and the 10-yr yield increased one basis point to 0.71%. The U.S. Dollar Index declined 0.6% to 97.09. WTI crude futures rose 2.2%, or $0.86, to $40.60/bbl.
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