Nasdaq Rallies Again On Strong Retail Sales; GFS, SMH, MCHP Show Strength | Stock Market Today

TL;DR

The stock market continued its upward trend, with the NASDAQ leading the gains and small caps also showing strength. Semiconductor stocks, such as Vanek Semiconductor ETF (SMH), Microchip Technology (MCHP), and Global Foundries (GFS), performed well. Overall, the market technicals remain strong and individual stocks are performing well.

Transcript

thank you good afternoon everyone and welcome to stock market today it's Ali Corman Ken Sharif here with the breakdown of the action in today's session where we saw another date of gains with the NASDAQ leading and small caps also looking strong today Ken yeah in a closed near highs I mean we just can't stop these buyers from coming in late and uh ... Read More

Key Insights

• ❓ The NASDAQ and Russell 2000 continue to outperform the Dow and S&P 500.
• ❓ Semiconductor stocks, including SMH, MCHP, and GFS, are leaders in the market.
• 💪 The market's technical picture remains strong, with the potential for a normal pullback in the NASDAQ.
• 🙃 Buyers are showing strong interest, leading to upside reversals in the market.
• 🧑‍💻 The strength in the market is primarily in tech stocks and the NASDAQ.
• 😮 Rising bond yields have not dampened the market rally, indicating market resilience.
• 💐 Consumer discretionary ETF XLY is performing well, reflecting optimism about the US economy.

Questions & Answers

Q: What were the performance levels of the major indexes?

The NASDAQ had a gain of 0.9% and closed above the 12,000 level. The Russell 2000 showed a stronger gain of 1%. The Dow and S&P 500 had more modest gains of 0.1% and 0.3% respectively.

Q: Are buyers still coming into the market?

Yes, there have been two consecutive days of upside reversals, indicating continued buyer interest. The NASDAQ's volume has been strong during its latest move off lows, signaling positive market sentiment.

Q: Which sectors are showing strength in the market?

Semiconductor stocks, such as Vanek Semiconductor ETF (SMH), Microchip Technology (MCHP), and Global Foundries (GFS), are performing well. These stocks have been leaders in the NASDAQ index and are displaying positive technical action.

Q: How does the technical picture of the market look?

The market's technicals remain strong, with the NASDAQ potentially experiencing a normal pullback to its 21-day exponential moving average. The overall action in individual stocks also looks promising.

Summary & Key Takeaways

• The NASDAQ and Russell 2000 had gains of 0.9% and 1% respectively, outperforming the Dow and S&P 500.

• The market's technical picture remains strong, with the NASDAQ showing three straight gains and the potential for a normal pullback.

• Semiconductor stocks, including SMH, MCHP, and GFS, continue to perform well and show positive technical action.