By
Godfrey Benjamin
April 23rd, 2024
The broader markets continue to remain volatile with more COVID-19 cases reported in the U.S. Though the Dow Jones started the week in the red, tech companies, like Tesla, Amazon, Netflix, continue to surge further.
The Dow Jones Industrial Average started the third week of April on correction diving 600 points in the early hours. Well, the number of COVID-19 positive cases in the U.S. continue to pile up every day. As on date, the U.S. is just short of crossing the 600,000-mark with 23,644 deaths registered.
Dow Closed Over 300 Points Down on Monday
Thus, the market volatility continues to persist with no clear path ahead at this moment. However, after crashing 600 points, Dow Jones made a good recovery of over 250 odd points. On Monday, Dow Jones closed the market 328 points down at 23,390.
While Dow Jones dropped 1.7% EOD, the S&P 500 also crashed 2% on Monday. The sell-off was less intense for Nasdaq Composite which closed only 0.5% down. On the other hand, top-tech companies from the FANG group continued to lead the rally.
FANG Stocks Show a Bullish Breakout
Among the FANG companies (Facebook, Amazon, Netflix, Google), the e-commerce giant Amazon led the show with over 6% surge on Monday. At the day closing, the Amazon.com Inc (NASDAQ: AMZN) stock price was 126 points up trading at $2168 per share. with yesterday’s move, Amazon moved back again into the trillion-dollar club.
The media streaming giant Netflix also showed a strong surge of over 7%. On Monday closing, the Netflix Inc (NASDAQ: NFLX) stock price was at $396 with a market cap of $174 billion. With this, Netflix’s year-to-date stand at over 20%.
Apart from the FANG stock, Apple Inc (NASDAQ: AAPL) stock was trading 2% higher closing the day at $273.25. After a heavy blow with the coronavirus market slowdown, Apple seems to be recovering back. The company’s operations are getting back on track with China resuming its manufacturing sector. Besides, Apple is most likely to announce its affordable iPhone SE 2 in India and other developing Asian markets.
On the other hand, both Alphabet Inc (NASDAQ: GOOG) and Microsoft Corporation (NASDAQ: MSFT) managed to close in positive. The stock market started its marginal recovery in the trailing trading hours. This is because New York Governor Andrew Cuomo hinted that the worst is behind us. Moreover, the new confirmed cases and deaths in the U.S. have been dropping over the last two days since Sunday.
Apart from tech stock, electric-car maker Tesla made a big jump on Monday. Tesla Inc (NASDAQ: TSLA) stock price on Monday was 13.6% up to as it was trading at $650 on the closing hours. Just in the last five trading sessions, Tesla has gained nearly 30% of its price.
Industry reports suggest that Tesla has started manufacturing at its Shanghai gigafactory. Besides, it is also working to resume its U.S. operations by the next month of May.