Technology companies led stocks higher on Wall Street on Tuesday as investors focused on how and when authorities may begin to ease business shutdowns and limits on people's movements imposed to slow the spread of the coronavirus.
The growth in stocks was very strong on the yesterday’s session. Among the best ETFs, the iShares Expanded Tech-Software Sector ETF (IGV) rose 4.2% with Microsoft shares as the No. 1 holding. The VanEck Vectors Semiconductor ETF (SMH) popped 4.4% NVIDIA stocks just one of many hot chipmakers pushing that higher. Both the IGV and SMH ETFs jumped above their 50-day and 200-day average lines on Wednesday amid the Nasdaq index overbeating the broad market.
Dow Jones futures went lower late Tuesday along with S&P 500 futures and Nasdaq futures after yet another bullish session for the coronavirus stock market rally as Covid-19 trends improve. Amazon.com (AMZN), Nvidia (NVDA), Microsoft (MSFT), Veeva Systems (VEEV), and Eli Lilly (LLY) cleared buy points.
Meanwhile, Apple (AAPL), Google-parent Alphabet (GOOGL) and Facebook (FB) reclaimed their 10-week moving averages. Apple stocks cleared its 50-day average as the Nasdaq Composite rallied above its 50- and 200-day average lines.
Shares of e-commerce platform provider Shopify (NYSE: SHOP) jumped sharply on Tuesday. The stock was up about 12% as of 3 p.m. EDT today. The stock's gains was likely driven primarily by a rise in the overall market, including outsize gains for many growth stocks like Shopify.
It's going to be a tough couple of quarters for corporate America as the economy will likely take "two steps forward and one step back" as it recovers, said Jeff Buchbinder, equity strategist for LPL Financial. "We know this is going to be one of the most severe recessions we have ever seen," he said.
In a nutshell recovery for the markets is expected as we see from the fundamental aspects there has been an improvement in the Stock markets, if it is just the matter of time a V shape recovery is expected to happen. However, it may take a little time for market to recover but never forever.
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