Nasdaq Hits Fresh High, Led By Software Stocks | Summary and Q&A

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August 20, 2020
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Investor's Business Daily
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Nasdaq Hits Fresh High, Led By Software Stocks

TL;DR

Tech stocks, particularly software stocks, had a strong day in the market, with NVIDIA, Synopsis, and Pin Duo Duo among the top performers. NVIDIA reported strong earnings, while Synopsis broke out of a flat base. The market overall had a bullish tone, with the Nasdaq leading the gains.

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Questions & Answers

Q: Why were software stocks leading the market today?

Software stocks were leading the market due to a strong earnings report from Synopsis and overall bullish sentiment. These stocks showed gains ranging from 2% to 4%, contributing to the overall performance of the sector.

Q: How did NVIDIA perform in terms of earnings and stock performance?

NVIDIA reported impressive earnings with a 76% increase in revenue. Although the stock closed flat, it has already seen a significant gain since mid-April. It is considered a bullish session for NVIDIA, and the stock is expected to take a breather before potentially forming a new base.

Q: What were the highlights of Synopsis' quarterly earnings report?

Synopsis had a very bullish breakout, gaining almost 9% on heavy volume. The software sector, in general, performed well, with Synopsis being one of the top performers. Its earnings report showed nice acceleration on both the top and bottom lines.

Q: Why is Pin Duo Duo's upcoming earnings report significant?

Pin Duo Duo, an e-commerce giant in China, is expected to report strong revenue growth. With earnings coming out before the market opens, investors are looking for potential catalysts for action. The stock is currently near a buy point, making the report highly anticipated.

Summary & Key Takeaways

  • Tech stocks, specifically software stocks, performed well in the market today.

  • NVIDIA reported strong earnings, with a 76% increase in revenue, although the stock closed flat.

  • Synopsis broke out of a flat base and gained almost 9% on strong quarterly earnings.

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