Stock Market Today, June 29: Nasdaq Composite Outperforms as Tech Stocks Gain on Easing Geopolitical Tensions
Up 2.07% to 25,820, the Nasdaq Composite (NASDAQINDEX:^IXIC) outperformed the broader market to snap a five-day losing streak as technology shares are rebounding, while the S&P 500 (SNPINDEX:^GSPC) gained 1.16% to 7,439 and the Dow Jones Industrial Average (DJINDICES:^DJI) climbed 0.59% to 52,183 to reach a record close.
Gold prices fell 1.66% to $4,028.10 as of U.S. market close, and the 10-Year Treasury yield slipped 0.02% to 4.38%. Meanwhile, the Consumer Cyclical sector rallied 3.87% vs. a 2.16% gain for Industrials and a 1.66% decline for Basic Materials.
Today's biggest moves
Tesla shares surged 5.8% to lead a broad recovery in mega-cap technology names, while Comcast Corporation rallied after announcing a strategic plan to spin off its cable television networks. These gains were slightly offset by Copart, which fell 5.00% following a CEO transition announcement, and T-Mobile US, as competitive satellite-link news is pressuring wireless carriers.
What this means for investors
After the Nasdaq dropped nearly 5% last week as it slid for 5 straight days, investors “bought the dip,” so to speak, today as the U.S. and Iran agreed to yet another truce and the market took a risk-on stance again. One major driver for the tech-heavy Nasdaq index’s rise today came from a $518 billion partnership between SK Hynix and Samsung to build two new chip fabrication plants in southwest South Korea. Many of the inputs needed to build out these plants directly benefit chip-focused Nasdaq stocks.
Elsewhere, Alphabet officially replaced Verizon in the Dow Jones Industrial Average today, as the latter slid 5% on a combination of forced selling, a restructuring loss from a joint venture with BT Group, and reports that Space Exploration Technologies was in discussions with Charter Communications to form a new mobile phone network in the U.S.
As bad as last week’s five-day sell-off felt, today’s reversal highlights the importance of “time in the market, not timing the market.”
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Josh Kohn-Lindquist has positions in Alphabet, Copart, Space Exploration Technologies, and Tesla. The Motley Fool has positions in and recommends Alphabet, Copart, and Tesla. The Motley Fool recommends Comcast, T-Mobile US, and Verizon Communications. The Motley Fool has a disclosure policy.
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