The Nasdaq continues to drive US equities

  • Thursday, 31/08/2023 | 23:16 GMT+5.5
  • Broader indexes are flat but the Nasdaq is up 0.5%

The S&P 500 and Russell 2000 are flat today but the Nasdaq is up another 0.5% in the fifth straight day of gains.

Memory and chipmakers are leading the way:

  • WDC +6.6%
  • MU +3.1%
  • AVGO +2.8%
  • INTC +2.2%

But Amazon +2% and Shopify +9.6% are other tech companies up big. Salesforce is another big name up 4% after reporting strong earnings.

The tech sector is benefiting from lower yields this week as a duration trade while not expressing any kind of worry about a consumer slowdown, including in shares of Apple which are also up for five straight days.

It’s the turn of the calendar next month and September is the softest month, seasonally for stocks. I also don’t believe that falling yields can continue to sustain bids in tech, but that’s certainly debatable.

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