The Nasdaq Composite hit an all-time high on Thursday as major tech shares outperformed once again amid rising coronavirus cases.
The tech-heavy index traded 0.4% and reached an all-time high. The S&P 500 traded just below the flatline, however.The Dow Jones Industrial Average fell 87 points, or 0.3% as Walgreens shares dropped more than 6%. The company’s stock fell on weaker-than-expected earnings for the previous quarter. Walgreens also suspended a share repurchase program.
Netflix and Microsoft were up 0.9% and 1.3%, respectively. Apple advanced 0.8%. Facebook, Amazon and Alphabet also rose. Amazon is up more than 7% week to date and Alphabet has gained over 3% in that time period. Microsoft, Facebook and Apple are all up more than 4% for the week.
These stocks have outperformed this week as investors grow concerned the recent global coronavirus spikes could prolong the current economic downturn and force people to stay home for longer.
“A lot of these names are benefiting from the at-home play,” said Douglas Busch, founder of ChartSmarter. Busch noted that, from a technical perspective, he’d like to see consolidation in some of the major tech stocks but thinks they have further upside moving forward.
More than 3 million coronavirus cases have been confirmed in the U.S. alone, according to Johns Hopkins University. Globally, over 12 million cases have been confirmed.
Jobless claims rise less than expected
Wall Street was coming off of solid gains Wednesday, with the major indexes brushing off a record daily increase in new U.S. Covid-19 cases. Big Tech continued to carry the broader market higher on during regular trading and again allowed the Nasdaq Composite to outpace the S&P 500 and Dow industrials.
Since last week’s close, the S&P 500, Dow and Nasdaq Composite are up 1.28%, 0.93% and 2.79%, respectively. The Nasdaq is up 29.68% over the last three months.
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