Technology stocks and the Nasdaq composite shrugged off news of an antitrust probe by Attorney General Barr today and finished at all time highs! After initially falling on the news, there was a steady climb upward which kept the momentum all day long. What really helped boost the Nasdaq today was that the semi's were on fire thanks to better than expected quarterly results from Texas Instruments. TXN shot up over 7.4% today bringing the rest of the semiconductors with them.
A "breakup" of the Big Tech names, Amazon, Facebook, Alphabet(Google), and Apple would send shock waves through the market, which is why we opened to the downside today after Barr announced his probe last night. However, the worries that anything would actually come of it faded as the day went on, as most firms commented that they expect the antitrust probe to fail.
If Big Tech can continue their rally, and continue their leadership in the market, we will be on track for continued gains as the market hits new highs. Earnings have been better then expected so far this earnings season, as over 75% of all companies that have reported so far, have beat their numbers, according to FactSet data.
TRADE UPDATE: NVDA
Well if you joined me in getting in on some NVDA when i first recommended it, you are doing some celebrating with me! I bought on 7/6 and since then NVDA is up $20/share!! With the news of a possible improvement in the China trade deal, and with great numbers out of TXN, I think NVDA still has a long way to go. It is up $20/share in the last 2 1/2 weeks to $178/share now, however it is still down over $100/share from it's all time high. This is a winner, and I'm not going to be selling anytime soon. Earnings get reported on 8/15, and trust me, it will be a huge day one way or the other for this stock.
LISTEN INVEST WIN
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