The Nasdaq composite outperformed again in early trading Tuesday, cheered by yet another strong showing for Apple stock and a bullish earnings report from COVID-19 stock play Zoom Video, providers of a cloud platform for video and audio conferencing, chat, and webinars across mobile, desktop, and room systems.
After a 4-for-1 stock split, Apple (AAPL) shares got pulled down late with the Nasdaq Monday, but the stock ended with a gain of 3.4%. JPMorgan lifted Apple’s price target to 150 from 115, according to MarketWatch.
The Nasdaq composite was up 0.7%, and the Nasdaq 100 added 1.1%. The S&P 500 edged up 0.2% and the Dow Jones Industrial Average inched up less than 0.1%.
The S&P 500 suffered a mild distribution day Monday, falling 0.2% in higher volume, according to Monday’s Big Picture column. Sellers came into the market during the final minutes of trading as portfolio managers made some last-minute moves on the final trading day of August. But the stock market continues to act well amid limited signs of pronounced institutional selling in the S&P 500 and Nasdaq
MacDailyNews Take: Amazingly, after years, investors seem to have finally woken up to see Apple for all that it is and then even more that it will be!