Stock Market Update Monday, June 22nd, 2020
They say an apple a day keeps the doctor away.
But can Apple (AAPL) keep the COVID-19 blues away? Seems like it.
This morning stocks dropped after a rough coronavirus weekend.
In Texas, Governor Abbot said that “additional measures are going to be necessary” and “tougher actions” will be implemented if numbers continue to rise. According to Johns Hopkins University, Texas’ 7-day average of COVID-19 cases have increased 86%!
But after a quick drop stocks rallied. And aside from a few small pullbacks along the way, stocks were in an uptrend pretty much all day long.
Why the rally?
There’s a saying, “As goes Apple, so goes the market.” And today this was definitely the case.
Apple lead the NASDAQ higher today after the company announced that they will be transitioning away from Intel chips for their products.
Apple made record highs on the news with a 2.6% gain. And the NASDAQ closed above the 10,000 with a new record close.
Here’s where the major markets ended the day:
|*As of market close|
Apple wasn’t the only tech winner. Tech Stocks had a great day!
Microsoft (MSFT) jumped 2.8% today. Microsoft announced today that it would team up with Facebook (FB) to steam its gaming service. Starting on July 22nd, gamers will be redirected to Facebook’s game streaming service. This merger is slated to begin a battle for “top gaming talent”.
Microsoft finished with a new record high after the news. But it didn’t do much for Facebook, as FB ended with just a 0.2% gain.
Netflix (NFLX) was another stock that joined the new record club after finishing the day with a 3.2% gain.
Paypal (PYPL) was up 3.6% after announcing that it would allow its users to buy and sell cryptocurrency.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
This Stock Market Update was provided by Rockwell Trading Services LLC.