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Live Nasdaq Composite: Tech Gains Unleashed on Strengthening Economy
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Key Points
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A stronger than expected jobs report for May unleashed stock market gains.
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Tech stocks are leading the charge, with each of the Mag 7 stocks seeing green to end the week.
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Rocket Fuel
Today’s better-than-expected jobs report for May has thrust interest rates into the spotlight, considering the labor market is influential in the FOMC’s decision making process. The Fed is due to meet in mid-June, and President Trump today is urging policymakers to cut interest rates by one full point, suggesting it would be “rocket fuel” for the stock market. The Nasdaq Composite has widened its gains to 1.5% on the day.
Health Tech IPO
A new health technology stock has come on the scene. Omada Health made its debut on the NYSE today, and received a warm welcome. OMDA shares are soaring by nearly 40% today to over $26 per share, valuing this tech wonder at over $1 billion. Omada priced its stock at $19 per share but after opening at $23 has soared ahead of that level. Omada is a digital health platform that offers patients virtual care for issues like diabetes and hypertension.
The Nasdaq Composite is holding onto its gains and is currently up 1.1%. For the week, the Nasdaq is looking at a 2.1% advance.
Stealth AI Play
Wells Fargo is bullish on this stealth AI stock: Shopify (NYSE: SHOP). The analyst firm cheered Shopify’s innovations in an e-commerce landscape that is increasingly integrating AI capabilities. Wells Fargo increased its price target on SHOP stock by 16.8% to $125 per share, suggesting that there’s plenty of more runway for gains in this stock. Shopify stock is soaring 5.4% today.
The Nasdaq Composite is currently up 1.1%.
Market Gainers
The following stocks are tacking on gains today:
Palantir Technologies (Nasdaq: PLTR) is gaining 1.4%.
Coinbase (Nasdaq: COIN) is up 3.5%.
Airbnb (Nasdaq: ABNB) is adding 4.2% in today’s session.
Super Micro Computer (Nasdaq: SMCI) is up a solid 3.2%.
This article will be updated throughout the day, so check back often for more daily updates.
Magnificent Seven stocks are seeing green today on the heels of a stronger-than-expected jobs report. The U.S. economy added 139,000 payrolls last month, better than economist forecasts of 125,000. The unemployment rate continues to hover at 4.2%, as widely expected. The May jobs report was well received by Wall Street, giving the markets something to celebrate and providing a distraction from lingering trade uncertainty. Today’s market rally has sent the Nasdaq Composite higher by 1.2% and pushed the S&P 500 back above the psychologically important 6,000 level.
While Tesla (Nasdaq: TSLA) is participating in today’s rally with a 4.8% gain, the stock has lost 20% of its value over the past five trading sessions as Elon Musk continues to comment on politics.
One tech stock missing out on today’s gains is Broadcom (Nasdaq: AVGO), which is down 2.5% following its quarterly earnings report. The falling stock price failed to deter analyst firm Erste Group from upgrading shares of AVGO to “buy” from “hold.”
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 412 (+0.97%)
Nasdaq Composite: Up 235.55 (+1.2%)
S&P 500: Up 64.67 (+1.1%)
Market Movers
JPMorgan has upgraded discount retailer Dollar Tree (NYSE: DLTR) to an “overweight” rating from “neutral” while lifting the price target by a whopping 44% to $111 per share.
Monness Crespi analysts have turned more bullish on MongoDB (MDB), raising the rating to “buy” from “neutral” with a $295 price target following stronger-than-anticipated earnings.
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