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Dow Closes Higher; Late Tech Sell-Off Weighs on S&P, NASDAQ

James Hyerczyk

The major U.S. stock index futures finished mixed on Thursday with the Dow finishing higher and the S&P 500 and NASDAQ Composite closing down. The move reflects the rotation going on in the market, where portfolio managers are trimming overbought technology stocks in the S&P 500 and NASDAQ, while turning toward more diversified stocks in the Dow.

In the cash market on Thursday, the benchmark S&P 500 Index settled at 3112.35, down 10.52 or -0.40%. The blue chip Dow Jones Industrial Average finished at 26281.82, up 11.93 or +0.05% and the NASDAQ Composite closed at 9615.81, down 67.10 or -0.86%.

Airlines Jump, Big Tech Tumbles

American Airlines rallied 41.25% while Delta gained 13.73%. United Airlines closed 16.20% higher. Meanwhile, shares of Facebook, Amazon and Netflix all dropped at least 0.7%. Alphabet and Apple closed lower by 1.73% and 0.86%, respectively.

These figures represent that professional investors are moving money out of stocks that benefited from the coronavirus-shutdown, while moving money into stocks in industries that are expected to benefit the most from the reopening of the economy.

ZoomInfo Soars 70% on its First Day of Trading

Shares of ZoomInfo (ZI) surged more than 70% on its market debut on the Nasdaq on Thursday, the first technology IPO since the global pandemic. ZoomInfo prices its IPO at $21 on Wednesday but is now trading around $35 per share. ZoomInfo uses artificial intelligence to process data that aids corporate sales and marketing teams with customer outreach. The stock price underscore investors’ risk appetite for high-growth subscription software companies and new public companies in general.

Elon Musk Calls for Amazon Breakup over Censorship Issue

Tesla and SpaceX CEO Elon Musk on Thursday tweeted that he thinks it’s time to breakup Amazon.

His tweet came after writer Alex Berenson tweeted a screenshot showing that his upcoming book about Covid-19 doesn’t meet Amazon guidelines for sale. Berenson has been a critic of the coronavirus lockdown and has suggested that the risks of serious illness or death are much lower than reported, especially for younger people.

“This is insane @JeffBezos,” Musk said, tagging the Amazon CEO. “Time to break up Amazon. Monopolies are wrong!”

Amazon said later that the book was removed in error, is being reinstated and that it has contacted Berenson.

Musk has been a vocal critic of government policy during the coronavirus pandemic. He has also tweeted in favor of reopening the country and during a Tesla earnings call said stay-at-home orders are fascist, among other things.

For a look at all of today’s economic events, check out our  economic calendar.

This article was originally posted on FX Empire

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