Stock Market Today: Nasdaq Scores Biggest Surge in 4 Months
Tesla, Apple and a most other large-cap tech names triggered a relief rally in the Nasdaq a day after the index fell into correction.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Delivered daily
Kiplinger Today
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. Smart money moves start here.
Sent five days a week
Kiplinger A Step Ahead
Get practical help to make better financial decisions in your everyday life, from spending to savings on top deals.
Delivered daily
Kiplinger Closing Bell
Get today's biggest financial and investing headlines delivered to your inbox every day the U.S. stock market is open.
Sent twice a week
Kiplinger Adviser Intel
Financial pros across the country share best practices and fresh tactics to preserve and grow your wealth.
Delivered weekly
Kiplinger Tax Tips
Trim your federal and state tax bills with practical tax-planning and tax-cutting strategies.
Sent twice a week
Kiplinger Retirement Tips
Your twice-a-week guide to planning and enjoying a financially secure and richly rewarding retirement
Sent bimonthly.
Kiplinger Adviser Angle
Insights for advisers, wealth managers and other financial professionals.
Sent twice a week
Kiplinger Investing Weekly
Your twice-a-week roundup of promising stocks, funds, companies and industries you should consider, ones you should avoid, and why.
Sent weekly for six weeks
Kiplinger Invest for Retirement
Your step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose.
The Nasdaq Composite, doing its best impersonation of a pendulum of late, swung hard in the bulls' direction Tuesday with its best one-day performance in roughly four months – just one day after falling into a correction from its Feb. 12 peak.
"The Nasdaq market 'capitulated' (on Monday)," says market strategist Louis Navellier. "Volume was light, however, which is less of a concern than high-volume declines, which indicate panic."
Today's "buy-the-dip" moment in the tech-heavy index coincided with a short reprieve in rising Treasury rates; the 10-year Treasury yield closed at 1.55% on Tuesday.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"The 10-year (yield) is now overbought on the short-term charts," says Dan Wantrobski, technical strategist and associate director of research at Janney Montgomery Scott, adding that further pullbacks "should power better relative performance out of the tech sector over the short-run."
Tesla (TSLA, +19.6%) broke a five-session slump, roaring ahead on robust vehicle sales data out of China. That, as well as big moves in tech blue chips such as Apple (AAPL, +4.1%), Microsoft (MSFT, +2.8%) and Nvidia (NVDA, +8.0%) sent the Nasdaq 3.7% higher to 13,073 – its biggest single-day gain since Nov. 4, 2020. The Dow finished a slim 0.1% higher to 31,832.
Other action in the stock market today:
- The S&P 500 gained 1.4% to 3,875..
- The small-cap Russell 2000 popped 1.9% to 2,245.
- U.S. crude oil futures declined by 1.6% to $64.01 per barrel.
- Gold futures rebounded 2.3% to settle at $1,716.60 per ounce.
- Rocket Cos. (RKT, +3.2%) broke a four-session losing streak on the record date of its $1.11-per-share special dividend. While RKT's payout is expected to be a one-time affair, there are some stocks that more regularly pay special dividends.
- Bitcoin prices continued their recent resurgence, climbing 5.0% to $54,388. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.)
What Hedge Funds Are Holding
That's more good news for the hedge fund set, which is having a nice start to 2021.
The Eurekahedge North American Hedge Fund Index was up 4.8% through March 8, beating every one of the major indices. In part, they have the Dow Jones Industrial Average to thank – Dow 30 stocks feature prominently among the stocks most widely held by hedge funds and other institutional money.
But they're also heavy in the technology sector, which has lagged in 2021 – so it stands that Tuesday's revival in mega-cap tech was celebrated by much of Wall Street's "smart money."
What exactly do hedge funds own en masse at the moment? Today, we've taken a dive into their most recent filings and identified 25 stocks that are most widely held among institutional holders with deep pockets and rich research resources. Have a look!
Kyle Woodley was long NVDA as of this writing.
-
Ask the Tax Editor: Federal Income Tax DeductionsAsk the Editor In this week's Ask the Editor Q&A, Joy Taylor answers questions on federal income tax deductions
-
States With No-Fault Car Insurance Laws (and How No-Fault Car Insurance Works)A breakdown of the confusing rules around no-fault car insurance in every state where it exists.
-
Why Picking a Retirement Age Feels Impossible (and How to Finally Decide)Struggling with picking a date? Experts explain how to get out of your head and retire on your own terms.
-
Stocks Sink With Alphabet, Bitcoin: Stock Market TodayA dismal round of jobs data did little to lift sentiment on Thursday.
-
Dow Leads in Mixed Session on Amgen Earnings: Stock Market TodayThe rest of Wall Street struggled as Advanced Micro Devices earnings caused a chip-stock sell-off.
-
Nasdaq Slides 1.4% on Big Tech Questions: Stock Market TodayPalantir Technologies proves at least one publicly traded company can spend a lot of money on AI and make a lot of money on AI.
-
Fed Vibes Lift Stocks, Dow Up 515 Points: Stock Market TodayIncoming economic data, including the January jobs report, has been delayed again by another federal government shutdown.
-
Stocks Close Down as Gold, Silver Spiral: Stock Market TodayA "long-overdue correction" temporarily halted a massive rally in gold and silver, while the Dow took a hit from negative reactions to blue-chip earnings.
-
If You'd Put $1,000 Into AMD Stock 20 Years Ago, Here's What You'd Have TodayAdvanced Micro Devices stock is soaring thanks to AI, but as a buy-and-hold bet, it's been a market laggard.
-
Nasdaq Drops 172 Points on MSFT AI Spend: Stock Market TodayMicrosoft, Meta Platforms and a mid-cap energy stock have a lot to say about the state of the AI revolution today.
-
S&P 500 Tops 7,000, Fed Pauses Rate Cuts: Stock Market TodayInvestors, traders and speculators will probably have to wait until after Jerome Powell steps down for the next Fed rate cut.
