NASDAQ rallies as FAANG companies surge
The NASDAQ rallied to an all-time high to start the trading week, as the tech centric index benefited from a rise in FAANG stocks.
Gains from Facebook, Amazon, Apple, Netflix and Google pushed the NASDAQ to yet more intraday highs, as investors continue to move back into stocks.
Markets had consolidated for most of the month, prior to the recent Federal Reserve FOMC meeting which triggered a bullish reaction from investors.
The focus will now be on this Friday’s Non-farm payrolls report to see if the U.S. Labor Market will continue its strong recovery.
Depending on the result, many believe we could see further highs across all major indices in the United States.
As of writing both the NASDAQ and S&P 500 were trading higher.
FTSE 100 falls despite Boris COVID restrictions pledge
London’s FTSE 100 fell in today’s trading session, despite Prime Minister Boris Johnson pledging that remaining lockdown restrictions will be lifted by July 19th.
The PM, who last week delayed the so-called, “Freedom Day” re-opening, today gave the country an update on when he believes these measures will be fully eased.
Johnson today announced that, “With every day that goes by it’s clearer to me and all our scientific advisers that we’re very likely to be in a position on July 19 to say that really is the terminus and we can go back to life as it was before COVID as far as possible“.
This news comes as Health Secretary Matt Hancock, was forced to resign, after it emerged that he broke lockdown restrictions earlier this year.
Despite the July 19th date being penciled in, the FTSE 100 closed 0.88% lower today.
Tesla shares were trading higher on Monday, despite news that the company was set to recall some of its vehicles from China.
It was announced by China’s vehicle safety authority that Tesla would be recalling over 285,000 cars with immediate effect.
Reports suggest that these would be the Model 3 and Model Y cars, as they have been found to have some autopilot malfunctions, leading to Tesla moving to investigate these safety concerns further.
Cars which have already been sold will not have to re-service their vehicles, as it is expected that the malfunctions will be fixed with the use of software updates.
As of writing, $TSLA was trading 2.22% higher.
Quote of the day – “I believe in analysis and not forecasting.”– Nicolas Darvas