Wall Street Rally | FinanceVision

Wall Street Rally | FinanceVision

In the first half of the year, the Nasdaq led the way among the major US indices, with an increase of more than 18 percent. The momentum continued on the first day of the second half of the year with the Nasdaq leading the way higher.

According to Joseph Kozik of Calamos Investments, investors are well aware that there is little market breadth that will affect the market in the second half of the year. He says that just 10 stocks account for about 33% of the total S&P 500 index, something that has only happened three times before. In other words, Kozik is somewhat bearish on the market.

However, there are more people who expect the momentum in the technology space to continue, even if the multiples are very high.

“While some think AI is a temporary trend, I think it’s much more than that,” said Kevin Philip of Bel Air Investment Advisors, pointing to its potential to create increased productivity for businesses, create more efficiencies and create new industries.

Monday started with leading indicators rising and the indices continued to see green numbers.

The S&P 500 rose 0.27. percent on Monday to 5,475.09, while the tech-heavy Nasdaq rose 0.83 percent to 17,879.30. The industrial-heavy Dow Jones Industrial Average rose 0.13 percent to 39,169.52.

The volatility index – VIX – fell more than 2 percent to 12.18. The yield on the 10-year note rose to 4.473 percent, while the yield on the 30-year note rose to 4.636 percent on Monday.

FAANG Stocks

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The biggest tech companies have accounted for a large portion of the U.S. stock market’s rally in recent years. Facebook owner Meta, Amazon, Netflix, Apple and Alphabet (also known as the FAANG stocks) had a good day in the stock market on Monday.

  • Facebook shares rose 0.09 percent to $504.68.
  • Amazon shares rose 2.04 percent to $197.20.
  • Apple shares rose 2.91 percent to $216.75.
  • Netflix shares fell 0.19 percent to $673.61.
  • Alphabet shares rose 0.46 percent to $182.99.

oil and gas

West Texas Intermediate crude futures for September delivery rose 2.34 percent to $83.45 a barrel, while Brent crude rose 2.06 percent to $86.74 a barrel.

US natural gas fell 4.81 percent to $2.48 per barrel. European natural gas (TTF) fell 3.15 percent to €33.42/MWh.

Encryption

Bitcoin rose 2.12 percent to 63,236.02 points, while Ethereum rose 1.38 percent to 3,467.97 points.

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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