Nasdaq climbs to the highs of the day as Alphabet and Amazon lead the way
Big cap tech is back in style today, though it's not a uniform move. It's being led by a handful of names making big gains:
- GOOG +4.5%
- AMZN +3.9%
- TSLA +5.8%
What's interesting is that other names have struggled. Microsoft was higher earlier but is now down 0.6% and Apple is 0.9% lower. It seems the market is trying to pick winners through the AI wars, though I would warn that month-end/quarter-end flows can disguise what's happening in underlying markets.
It's certainly been volatile. Futures were up more than 1% and there was strong buying beyond just the open, then the rug was pulled out and shares fell to flat. But in the last hour or so, the bids have returned and now we're at a high of the day in the Nasdaq Comp, up 1.5%.
Memory chip names have also been volatile. Western Digital traded sidweays in the early going but is now up 9% Nvidia is higher after trading down notably at one point. Micron is down 2.4% after briefly falling more than 5% and giving up it entire post-earnings pop.
A big winner today is Amazon, up 3.7% but note that it was up more than 5% at the highs so it's not tracking the movement in the broader index.
A bigger winner is Google, which might be benefiting from an FT report highlighting how it was limiting compute to customers, including Meta. That highlights that the company still has something that the market wants with Gemini, though I'd caution that the limiting came in March, before Claude Mythos briefly became available and just as OpenAI's Codex was hitting the market.
Overall, there are some large moves underneath the hood here but I don't see much for the market to be mulling at the moment. When you look at cross-assets, there is some USD selling, which is positive and Treasury yields at the front end are higher, tracking a 2% rise in oil prices.
This article was written by Adam Button at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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