Nasdaq Scores Record Close as Tech Stocks Soar

Gold futures also hit a new record high

Deputy Editor
May 20, 2024 at 4:26 PM
facebook X logo linkedin


The Nasdaq held onto its midday triple-digit lead, closing at a new record high thanks to a resurgent tech sector. The S&P 500 logged a modest win of its own -- and closed two-hundredths of a point (0.02) from a record close -- while the Dow lagged the broader market with a 196-point loss. Against this backdrop, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) turned in only its second win of the month.

Continue reading for more on today's market, including:

  • Snowflake stock brushed off a pre-earnings bear note.
  • How options traders are playing Apple stock
  • Plus, MU upgraded; bull notes for Wall Street newbie ; and Elliott's new stake.

Summary 0520

NYSE Nasdaq 0520

5 Things to Know Today

  1. Microsoft announced new PCs that use Qualcomm's (QCOM) artificial intelligence (AI) chips. (CNBC)
  2. The meme-stock rally is taking a breather. (MarketWatch)
  3. Micron stock gets yet another bull note.
  4. Bullish coverage boosted Rubrik stock.
  5. EIlliot builds stake in electrical stock.

There were no earnings of note today.

UVOL 0520

Gold Futures Bounce to Record High

Oil futures dipped Monday, reversing intraday gains amid fears of potential risks to global crude supplies after Iranian President Ebrahim Raisi died in a helicopter crash. In addition, the health of Saudi Arabia King Salman also has investors on edge. After trading as high as $80.60, June-dated West Texas Intermediate (WTI) crude lost 26 cents, or 0.3%, at $79.80 a barrel on the day.

Gold futures jumped to record high today, sent skyward by a conflux of positive catalysts, including potential U.S. interest rate cuts and stimulus measures in China. At last glance, June-dated gold was up $18.40 or 0.8%, to finish the day at $2,435.80.

 

Unlock Weekend Profits with Chris Prybal's Favorite Strategy Up +487.5% in 2024

With the markets going left, right, and sideways, you need to have a plan now more than ever. 

Expert Trader Chris Prybal is no stranger to volatility, and has mastered finding big stock rallies while other traders aren't looking over the weekend. Rallies that produced gains like +207% on RTX calls, +236% on MARA calls, and +238% on NET calls.

A few simple moves on Sunday at 7pm could be the “Secret Sauce” your portfolio needs to not just stay afloat, but make unprecedented gains in this turbulent market.


Don’t sit on the sidelines, beat the market with Chris Prybal's strategy. Join him now!

 

 
 
 


 
 

Rainmaker Ads CGI