Illustration by TradingView

Technology is back in fashion as investors ride the Nasdaq to fresh all-time high on hopes for lower borrowing costs.

Key Points:

  • Nasdaq futures rise 0.2% Monday.
  • Fed bolstered hopes of rate cuts.
  • Volvo and BYD earnings ahead.
  • Futures on the Nasdaq Composite IXIC pointed to a higher open by 0.2% on Monday after the tech index continued its streak of record closing highs on Friday. The equity benchmark clocked out with a 0.2% rise to a new record of 16,428.82 points. Its two faithful peers—S&P 500 and Dow Jones Industrial Average—weren’t so fortunate and flipped into red paint on the day but still finished the week in gains. It was an eventful week with plenty for investors to digest.
  • Money spinners rushed to scoop up shares from every corner last week after the Federal Reserve kept rates flat but signaled three cuts to borrowing costs are coming this year. Markets were so elated that all three major indexes closed at record highs on Wednesday. And on Thursday. The Dow Jones added about 2% on the week while the S&P 500 advanced 2.3%. The tech-heavy Nasdaq pushed through like a freight train, hitting a roughly 3% increase for the week.
  • The roaring rally is looking at a shortened week with Good Friday being an off-day for stock trading. Not much is slated for release on the economic front anyway. Big earnings reports include Swedish carmaker Volvo (ticker: VOLV_A) and Chinese electric-vehicle powerhouse BYD 1211 which this month unveiled a full-electric sports car priced at $230,000 to compete with gasoline cars.

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