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Friday's Market Minute: Nasdaq's Top Performers: TSLA, REGN, PYPL

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Friday's Market Minute: Nasdaq's Top Performers: TSLA, REGN, PYPL

As of Thursday, the Nasdaq-100 officially hit new all-time highs and has erased its coronavirus-related losses. After reaching a bottom on March 23, the index has gained nearly 43%. This recovery came after all major indices collapsed on global shutdown concerns. From the period of February 19 to March 23, the Nasdaq-100 lost roughly 30%. This recovery has received mixed reactions from investors, as much of the rebound has been propelled by the unprecedented stimulus from the Federal Reserve. Unemployment has also risen drastically, with other macroeconomic figures like GDP and Durable Goods sinking.

Within the Nasdaq-100, several names have contributed to the momentum behind this rally. As of May, Tesla(NASDAQ: TSLA) remains one of the best performers, up roughly 106% YTD and over 86% in 2020 alone. In the month of June so far, the electric vehicle manufacturer is up over 3%. Another top name in the Nasdaq-100 is Regeneron Pharmaceuticals(NASDAQ: REGN). Although the biotech name has seen shares fall over 2% in June thus far, shares are still up nearly 60% YTD as the company has been a benefactor in contributing to a potential COVID-19 vaccine. And lastly, PayPal(NASDAQ: PYPL) has risen nearly 43% YTD. Despite being slightly lower to begin June, shares still touched 52-week highs Monday and then again Thursday following a bullish call from Wedbush. PayPal has proven its value in the contactless payment space, rising alongside its peers Visa(NYSE: V) and Mastercard(NYSE: MA).

 

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