Live Vanguard IT ETF (VGT): Tech Stocks Buoy Market Sentiment Amid Renewed Economic Optimism
Key Points
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The markets are extending their gains in this midweek session.
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Technology stocks are buoying wider market sentiment.
Live Updates
Coinbase Pop
Cryptocurrency exchange Coinbase (Nasdaq: COIN | COIN Price Prediction) is seeing its stock price climb further, adding to this week’s bullish 25% increase, now that it has become the pioneering digital asset trading platform to be listed on the S&P 500. With shares trading around $262, Coinbase’s market capitalization is currently near $66.7 billion. Investment firm Rosenblatt issued a note to clients, pointing out that Coinbase’s addition to the S&P 500 will automatically grant more institutions access to the stock, describing this as a “significant tailwind” and suggesting the stock has room to appreciate further.
Winners & Losers
Super Micro Computer (Nasdaq: SMCI) is gaining 14.2% on a multi-billion-dollar AI infrastructure deal.
Southwest Airlines (NYSE: LUV) is tacking on 3.2% today as it looks to take on more international flights.
Enphase Energy (Nasdaq: ENPH) is adding 3% today.
Bio-Techne (Nasdaq: TECH) is down 4.5%.
INTC (Nasdaq; INTC) is losing 4.3%.
Revvity (NYSE: RVTY) is down 4.2%.
This article will be updated throughout the day, so check back often for more daily updates.
Tech stocks are taking center stage today, lifting the Vanguard IT ETF to gains. The Nasdaq Composite is on track for its sixth consecutive day of gains, while the S&P 500 has moved into positive territory for the year after recovering from earlier declines. With positive momentum building, markets are now focused on extending these advances, fueled by encouraging signs of U.S.-China trade easing and a weakening threat of economic recession. Adding to the activity on the Nasdaq, fintech firm Chime is set to become a publicly traded company, choosing the Nasdaq exchange for its stock market debut.
A significant development on the international front sees Saudi Arabia committing up to $600 billion in deals and investments following President Trump’s landmark visit. U.S. companies stand to gain considerably from these agreements. Among the key developments, Nvidia (Nasdaq: NVDA) will ship a large quantity of AI chips to the Kingdom, and Elon Musk’s Starlink has been authorized to operate there.
Here’s the morning market performance:
Dow Jones Industrial Average: Up 66.83 (+0.16%)
Nasdaq Composite: Up 79.78 (+0.44%)
S&P 500: Up 4.33 (+0.07%)
Market Movers
In the retail and financial sectors, Costco (Nasdaq: COST) has teamed up with Affirm (Nasdaq: AFRM) to provide consumers with buy now, pay later options for bulk goods. Shares of COST are seeing minor movement, while AFRM stock has climbed over 3% in morning trading.
Super Micro Computer (Nasdaq: SMCI) continues its strong performance, with its stock price increasing by almost 16% today.
Palantir Technologies (Nasdaq: PLTR) is also trading higher, up 2.7% and nearing its peak valuation.
The chip sector has been rallying of late. Today Advanced Micro Devices (Nasdaq: AMD) is leading the charge with an 8.6% gain, partly driven by optimism surrounding trade relations. Further boosting investor confidence, AMD has announced a $6 billion share buyback initiative.
Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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