US market weekly: NASDAQ hits record high as tech stock rally

US market weekly: NASDAQ hits record high as tech stock rally

Last updated: 20 Nov, 2021 | 10:21 am

US market weekly: NASDAQ hits record high as tech stock rally

Stocks traded mixed on Monday as investors monitored upbeat economic data out of China and awaited key retail sales and earnings results from major U.S. companies later this week. All the three major indexes ended in negative territory.

Stocks gained on Tuesday, with traders digesting key new economic data on the state of the consumer after a couple of major retailers topped quarterly earnings results. 

U.S. stocks closed lower on Wednesday on growing fears over inflation and supply chain concerns amid a slew of earnings reports from a batch of big-box retailers. Tesla shares bucked the trend of the market and extended gains, after jumping 4% on Tuesday.

U.S. stocks closed Thursday's session mixed, with technology and retail shares leading the S&P 500 and Nasdaq higher while economic data pointed to a recovering labor market. 

Stocks ended Friday's session weighed by growing concerns over nationwide COVID-19 lockdowns in Europe that raised fears about new restrictions beyond the continent, which pressured blue chip stocks, oil and the broader market.

Weekly market stats with IND

Let’s see the major developments during the week:

Investors sit tight for new Fed chair announcement: Investors seemed to be on the lookout for the announcement of the next Federal Reserve Chair—in particular, whether President Joe Biden would reappoint current Chair Jerome Powell or instead promote Fed Governor Lael Brainard. While it seemed Powell’s renomination was the most likely outcome, the growing chance of Brainard’s appointment may have weighed on financials shares by lowering interest rate expectations and, therefore, banks’ lending margins. Some also believe that Brainard would pursue more stringent bank regulations.

Nasdaq hits record high: The major indexes ended the week mixed as investors weighed strong economic and profits data against inflation fears, ongoing supply strains, and a rise in coronavirus infections in some regions. Growth stocks handily outpaced value stocks, helping lift the Nasdaq Composite to another record intraday high on Friday. Several signs that the economic expansion was regaining momentum seemed to support sentiment early in the week. On Tuesday, the Commerce Department reported that retail sales jumped 1.7% in October, the biggest gain since March. Inflation was partly behind the increase—sales at gas stations rose 3.9%, for example—but early holiday shopping also appeared to be at work. Industrial production in October also rose much more than expected (1.6% versus around 0.7%).

Heavy corporate bond issuance: The primary calendar was active in the investment-grade corporate bond market, with the level of new issuance surpassing weekly expectations. In general, the deals were met with adequate demand. However, as market participants absorbed the glut of supply, spreads widened in the secondary market, led by weakness in intermediate- and longer-term maturities amid rate volatility. Meanwhile, high yield bonds experienced weakness as inflation concerns and rising rates mitigated risk appetite and energy names traded lower amid the decline in oil prices.

We are a SEBI registered investement advisor
Mutual Funds watchlist
aditya birla sun life flexi cap fund growth direct plan|ABSL low duration fund direct growth|axis bluechip fund direct growth|axis capital builder fund series 4|axis balanced advantage fund direct growth|axis equity saver fund direct growth|axis multicap fund direct growth|axis global innovation fund of fund direct growth|axis long term equity fund growth NAV|axis quant fund direct growth|axis small cap fund direct growth|axis value fund direct growth|baroda dynamic equity fund direct growth|BOI AXA bluechip fund|canara robeco flexi cap fund direct growth|canara robeco small cap fund direct growth|canara robeco value fund direct growth|DSP quant fund direct|franklin india smaller companies fund direct growth|HDFC arbitrage fund direct growth|HDFC balanced advantage fund direct growth|HDFC developed world index fund NAV|HDFC flexi cap fund direct growth|HDFC housing opportunities fund direct growth|HDFC hybrid equity fund direct growth|HDFC nifty 50 index fund|HDFC index fund sensex plan|HDFC mid cap opportunities direct plan growth|HDFC multi asset fund direct growth|HDFC small cap fund direct growth|HDFC top 100 fund direct growth|HSBC midcap fund direct growth|ICICI prudential balanced advantage fund|ICICI bluechip fund direct growth NAV|ICICI prudential commodities fund direct plan growth|ICICI nasdaq 100 fund direct growth|ICICI nifty next 50 index fund direct growth|ICICI small cap fund direct growth|ICICI prudential technology direct plan growth calculator|ICICI ultra short term fund direct growth|IDBI india top 100 equity fund direct growth|IDBI small cap fund direct growth|idfc us equity fund of fund direct growth|kotak short term fund direct growth|kotak emerging equity fund direct growth|kotak multicap fund direct growth|kotak global innovation fund of fund NAV|kotak gold fund direct growth|kotak savings fund direct growth|kotak small cap fund direct growth|L&T emerging businesses fund direct growth|mirae asset large cap fund direct growth|mirae asset midcap fund|motilal oswal nasdaq 100 fund of fund|navi nifty 50 index fund direct growth|nippon india banking and financial services fund direct growth|nippon banking fund direct|nippon india flexi cap fund NAV|nippon india large cap fund direct growth|nippon india pharma fund direct growth|nippon india small cap fund direct growth|PGIM small cap fund direct growth|quant flexi cap fund direct growth|quant infrastructure fund direct growth|quant tax plan direct plan growth|SBI bluechip fund direct growth|SBI corporate bond fund direct growth|SBI equity minimum variance fund direct growth|SBI flexi cap fund|SBI magnum children's benefit fund investment direct plan|SBI nifty index fund direct growth|SBI small cap fund direct growth|SBI technology opportunities fund direct growth|tata banking and financial services fund direct plan growth|tata business cycle fund|tata technology fund direct growth|tata equity pe fund direct growth|tata ethical fund direct growth NAV|tata focused fund direct growth|tata index fund nifty direct plan|tata india tax savings fund direct plan growth|UTI focused equity fund direct growth|UTI nifty index fund direct growth NAV|UTI nifty 50 index fund direct growth