Live Nasdaq Composite: DDOG (Nasdaq: DDOG), COIN (Nasdaq: COIN) Rise in Market Rebound
Live Updates Live Coverage Updates appear automatically as they are published. Bottoms Up 10:10 am by Gerelyn Terzo The markets are holding onto gains today, with all three of the major stock market indices trading decidedly higher. With each of the Mag 7 stocks rising, the Nasdaq Composite has extended its gains to nearly 2% […] The post Live Nasdaq Composite: DDOG (Nasdaq: DDOG), COIN (Nasdaq: COIN) Rise in Market Rebound appeared first on 24/7 Wall St..
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Bottoms Up
The markets are holding onto gains today, with all three of the major stock market indices trading decidedly higher. With each of the Mag 7 stocks rising, the Nasdaq Composite has extended its gains to nearly 2% on the day while the Dow Jones Industrial Average tacks on over 600 points.
Whether or not the stock market has seen its bottom is unclear, with some Wall Street analysts predicting that there is more selling to come. For today, the markets are finding enough positive catalysts to retake lost ground. We’ll see if it lasts.
What a difference a day makes. The markets are in rebound mode after yesterday’s massive sell-off, with all three of the major stock market averages seeing green out of the gate. Technology stocks are up 1% as a sector, driving the Nasdaq Composite higher on the day of relief after a five-day stretch in which the index lost 4.6%. Chevron (NYSE: CVX) CEO Mike Wirth told CNBC he sees zero signs the economy is barreling toward a recession, helping sentiment.
Magnificent Seven stocks are participating and retaking lost ground today, alongside an extended rally in Netflix (Nasdaq: NFLX) shares, tacking on 4%. All sectors of the economy are gaining ground today.
Cloud infrastructure stock DataDog (Nasdaq: DDOG) is advancing 2% to back above the $90 per share threshold. In recent weeks, Bank of America Securities reiterated its “buy” rating on DDOG with a $170 price target attached.
Cryptocurrency exchange Coinbase (Nasdaq: COIN) is climbing 6.5% higher on the day as the bitcoin prices retakes the $90,000 level, beginning to live up to its name as a hedge in an uncertain economy.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 403.01 (+1.06%)
Nasdaq Composite: Up 215.49 (+1.36%)
S&P 500: Up 59.23 (+1.15%)
Market Movers
Pharma technology stock BeiGene (Nasdaq: ONC) is soaring almost 8% on the day. The company was the recent recipient of FDA approval for first-line cancer drug use.
Pharma stock Eli Lilly (NYSE: LLY) is gaining 1.2% after Cantor Fitzgerald started coverage on the pharma stock with an “overweight” rating.
Morgan Stanley has reiterated its “overweight” rating on Apple (Nasdaq: AAPL) shares, observing positive trends despite a challenging backdrop.
Deutsche Bank has reiterated a “hold” rating on Nvidia (Nasdaq: NVDA) stock while lowering the price target to $125 per share from $135 per share, blaming uncertainties around AI-related capex due to the trade war.
The post Live Nasdaq Composite: DDOG (Nasdaq: DDOG), COIN (Nasdaq: COIN) Rise in Market Rebound appeared first on 24/7 Wall St..