Business & Investment

Nasdaq’s eyes hit record high as Powell’s testimony by Reuters approaches

© Reuters. File Photo: The front façade of the New York Stock Exchange (NYSE) will be seen on February 12, 2021 in New York, USA. REUTERS / Brendan McDermid

By Devik Jain and Medha Singh

(Reuters)-The Nasdaq was moving at a record high on Tuesday. Investors expected the Federal Reserve’s remarks on clues as to how the central bank balances inflation risk with its promise to ensure a full job market recovery. Inc (NASDAQ :) entered the second day of Prime Day, a multi-billion dollar online sales event, and was one of the top boosts with Nasdaq. According to the Adobe (NASDAQ :) Digital Economy Index, the retail giant recorded a total of over $ 5.6 billion in online sales in the United States on day one.[nFWN2O40KI]

Powell reiterated in a prepared statement released late Monday afternoon that recent high inflation is expected to be temporary. The Federal Reserve Board will speak in front of Parliament at 2:00 pm Eastern Standard Time (1800 pm Greenwich Mean Time).

Paul Norte, Portfolio Manager at Kingsview Asset Management in Chicago, said:

Nine of the 11 major S & P sectors rose, with consumer discretion and materials rising the most.

The rise of tech giants such as Apple Inc (NASDAQ :),, Nvidia (NASDAQ :) and Microsoft (NASDAQ :) is one of the biggest support for the S & P 500, with a record high of 0.5 benchmark index. It was less than%.

Still, the energy, financial and other economically sensitive stocks that will most benefit from the reopening of the United States are well above the year-to-date benchmark S & P 500 and the Dow Jones Industrial Average.

“We are still on the value side of the camp. If inflation continues, we expect the value portion of the market to outperform,” Norte said.

At 11:35 am ET, the S & P 500 rose 48.63 points (0.14%) at 33,925.60, the S & P 500 rose 15.28 points (0.36%) at 4,240.07, and rose 61.45 points (0.43%) at 14,202.93.

Cryptocurrency stocks such as miners Riot Blockchain (NASDAQ :), Marathon Patent Group, Ebang International and MicroStrategy Inc have fallen below $ 30,000 for the first time since January, falling between 2% and 5%, temporarily suspending profits this year. I wiped it out.

Sanderson Farm (NASDAQ :) JP Morgan raised its share price target after telling Reuters that chicken producers were looking to sell, soaring 10.4% to a record high.

Modana (NASDAQ :) Inc up 4.4% after the European Union decides to adopt an option that allows Block to order 150 million additional COVID-19 vaccines under a supply agreement with a pharmaceutical company did.

Splunk (NASDAQ :) Inc increased 12.2% after data analytics software maker said private equity firm Silverlake had invested $ 1 billion in the company’s convertible senior notes.

The New York Stock Exchange has a 1.17 to 1 ratio and the Nasdaq has a 1.57 to 1 ratio, which is more than ahead of schedule.

The S & P Index recorded 22 new 52-week highs and one new low, while the Nasdaq recorded 46 new highs and 42 new lows.

Nasdaq’s eyes hit record high as Powell’s testimony by Reuters approaches Nasdaq’s eyes hit record high as Powell’s testimony by Reuters approaches

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