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Market Overview

The Nasdaq Soared Today. Here's Why.

The Nasdaq Soared Today. Here's Why.

The Invesco QQQ Trust Series 1 (NASDAQ: QQQ) traded between $323 and $325 for a vast majority of trading Thursday before finishing the day higher by 1.7% at $324.57 ahead of the long weekend.

U.S. indices were trading higher following President Biden's infrastructure proposal as well as a rebound in tech stocks.

The SPDR S&P 500 ETF Trust (NASDAQ: SPY) hit an intraday all-time high of $400.67 in the final minutes of trading before finishing higher by 1.36% at $400.61. The Dow Jones Industrial Average ETF Trust (NASDAQ: DIA) finished slightly higher by 0.38% at $331.45. 

Here are the day's winners and losers from the Nasdaq, according to data from Benzinga Pro.

Tech and semiconductor companies Micron Technology, Inc. (NASDAQ: MU), QUALCOMM, Inc. (NASDAQ: QCOM) and Lam Research Corporation (NASDAQ: LRCX) were among notable leaders for the QQQ. 

Micron was trading higher after the company reported better-than-expected second-quarter EPS and sales results and issued third-quarter EPS and sales guidance above estimates.

Meanwhile, Tesla Inc (NASDAQ: TSLA), Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) and PACCAR Inc (NASDAQ: PCAR) were among the few companies in the QQQ that finished lower by day’s end.

Elsewhere On The Street

  • As the second quarter kicks off, CNBC's Jim Cramer has cautioned against investing in tech and health care stocks. Cramer said he is bullish on industrial and bank stocks and advised investors to focus on the boom-and-bust cyclical stocks amid a booming economy… Read More
  • Nio (NYSE: NIO) sprang in a surprise for its investors on April Fool's day by reporting deliveries that exceeded the tempered forecast the EV maker issued last week. Nio delivered 7,257 cars for the month of March, the Chinese EV startup said… Read More
  • A bar — inspired by Reddit community WallStreetBets — has opened its doors in Tokyo and emerged as a place for investors to talk about stocks, Bloomberg reported Wednesday… Read More

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