Market Overview

Thursday's Market Minute: Big Tech Gains Lead Stocks… Again

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Thursday's Market Minute: Big Tech Gains Lead Stocks… Again

The Nasdaq Composite Index continues to make new all-time highs. The tech-heavy index clinched its 25th record close in 2020 on Wednesday, led by major tech giants Apple, Inc. (NASDAQ: AAPL) and Microsoft Corporation (NASDAQ: MSFT). The rest of the three major indices also closed positive on the day.

Ahead of Thursday’s market open, U.S. stock futures are mixed, but the rest of the market isn’t giving anything away; the Market Volatility Index (VIX) is slightly lower, as are risk-off assets Gold Futures (/GC) and Japanese Yen Futures (/6J).

In economic data, weekly Jobless Claims numbers come out at 8:30 AM ET. New claims have remained above 1 million as many Americans continue to face joblessness in the wake of COVID-19, but have been declining week-over-week. For the July 4 week, initial claims are expected at 1.38 million compared to an increase of 1.43 million the previous week, according to Econoday estimates.

Shares of Walgreens Boots Alliance, Inc (NASDAQ: WBA) are falling in premarket trading after the company reported quarterly earnings, which included a $2 billion impairment due to COVID-19. WBA posted earnings of $0.83, missing Wall Street estimates, on $34.63 billion in quarterly sales, which beat estimates. Year-to-date, shares of WBA have lost nearly 30 percent.

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