Stock futures opened flat Monday night to slightly lower as investors took a break after another rally in tech stocks sent the Nasdaq Composite to a record high.
Shares of major tech companies including Amazon (AMZN) traded up hours after a 1% gain in Monday’s regular session, after Needham analysts said in a new note that Amazon shares were worth as much as $ 5,000 apiece. cows. Tesla (TSLA) shares gained close to the flat line in late trading, after jumping more than 11% to a record high, after Wedbush analysts raised their price target on the stock market by $ 100 to $ 1,900 earlier on a day bright. Nvidia (NVDA) also closed at a record high on Monday, two days before the half-leader company is set to report its latest quarterly results.
Walmart (WMT) and Home Depot (HD) also closed at record highs every Monday, with both retailers set to report quarterly earnings on Tuesday morning. Consensus analysts expect to see Walmart grow sales 4% last year to $ 135.6 billion, while adjusted revenue is expected to tick 4% to $ 1.24 per share as consumers turn to the company for need to stay in place with lower margin such as food and stationery during the height of the pandemic period and orders. Home Depot is expected to grow both sales and profits both last year as consumers flocked to the retailer for DIY projects while working from home, and picked up as activity in the home market and home building in late spring.
Stock trading over the past week or so has reflected a broad breadth in the markets, with bikes weighing in on leadership after a months-long run of performance under big tech and “stay-at-home” stocks as more isolated from the negative business effects of the coronavirus pandemic. However, all signs of a full-fledged rotation have not unleashed conviction, with sectors financial, energy and industrial rebounding in Monday’s session as investors considered continued uncertainty over the prospects for pandemics, fiscal incentives and the presidential election.
“I think the factors around quality – quality growth, strong balance, positive cash flow, dominance in the industry, management team – those factors have been leadership factors in all 11 sectors, and I think leadership in this environment continues to define,” Liz Ann Sonders, senior vice president and chief investment strategist, Charles Schwab, told The Ticker of Yahoo Finance on Monday.
‘We have seen these multiple phases, and we had that first phase, that recovery phase from mid-May to mid-June, when there was hope that we would see a strong recovery. And you saw that leadership shifted from just the Covid winners to the more traditional cyclical areas, and then more recently it seems that we have tried this again, “she added.” We have some fitness and start hand of technological gains and a move to industry, financially. But so far it has been cheerful, and I think the market is sending – and rightly so – a mixed message, an uncertain message about what this next stage of recovery looks like. ‘
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6:13 pm ET Monday: Stock futures open slightly lower
Here are the main movements in stock markets, starting at 6:13 pm ET:
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S&P 500 futures (ES = F): 3,378.00, 1.75 points down, or 0.05%
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Dow futures (YM = F): 27.761.00, 14 points down, or 0.05%
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Nasdaq futures (NQ = F): 11,285.25, 1.5 points down, as 0.01%
On July 20, 2020, a trader made a phone call outside the New York Stock Exchange (NYSE) on Wall Street in New York City. – Wall Street shares were mixed at the beginning of July 20, 2020, as markets awaited the congressional debate on another round of stimulus issues and big profit releases later in the week. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE / AFP via Getty Images)
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