stocks

Stock Market Today: Big Tech Carries the Market

Apple (AAPL) and Microsoft (MSFT) were at the forefront of a tech-led rally in the broader markets Monday.

The stock market kicked off a new week of trading by yet again bucking increasingly concerning COVID-19 headlines and finishing in the black.

Nearly half of all states, including California and Florida, are experiencing a growth in coronavirus cases as most of the country continues to push forward with staged reopenings.

"A significant portion of economic output, between one-third and one-half of national GDP, occurs in counties that are experiencing deteriorating covid-19 trends, either showing an increasing number of new cases or new deaths over the last week," write Deutsche Bank Research analysts. "This suggests that the downside risks to economic activity stemming from a resurgence in the virus remain prevalent.

And the National Association of Realtors announced a nearly 10% slump in existing-home sales in May, though the organization's chief economist, Lawrence Yun, wrote that "home sales will surely rise in the upcoming months with the economy reopening."

Nonetheless, the market flipped from early losses Monday to swelling gains as the day went on. The Dow closed the session 0.6% higher to 26,024, helped by Apple (AAPL, +2.6%), which announced it will shift away from Intel (INTC) chips in its products and revealed new software at its WWDC 2020 event.

The tech-heavy Nasdaq gained 1.1% to 10,056, the S&P 500 finished 0.7% higher to 3,117, and the small-cap Russell 2000 closed with a 1.1% gain to 1,433.

Monday's market strength reflected a few ongoing themes. As COVID-cautious investors continue to veer away from economically sensitive areas such as industrials and airlines, they keep piling into mega-cap tech. A decent portion of all the major blue-chip indices' gains today was attributable to both Apple and Microsoft (MSFT, +2.8%) – the market's two largest stocks, and also the pair of companies most widely beloved among the hedge-fund crowd.

Yet again, e-commerce stocks electrified, with PayPal (PYPL, +3.6%) and Shopify (SHOP, +2.7%) among firms setting all-time highs.

And the work-from-home trend continues to … well, work. Indeed, Direxion recently added details to the filing for its pending "WFH" exchange-traded fund, which it hopes can capitalize on a shift in how Americans live, work and play that accelerated with the emergence of COVID-19. "Remote communications, cyber security, online project and document management, and cloud computing technologies" – these are the industries WFH plans to invest in when and if the fund comes to market.

But if you can't wait for the fund, these 11 tech stocks represent some of the best opportunities in these same fields.

Most Popular

Where's My Stimulus Check? Use the IRS's "Get My Payment" Portal to Get an Answer
Coronavirus and Your Money

Where's My Stimulus Check? Use the IRS's "Get My Payment" Portal to Get an Answer

The IRS has an online tool that lets you track the status of your stimulus checks.
February 19, 2021
10 Things You'll Spend Less on in Retirement
retirement

10 Things You'll Spend Less on in Retirement

We spend a lot of time worrying about running out of cash in retirement. But you might be surprised to see some of the things you'll find yourself spe…
February 25, 2021
Your Guide to Roth Conversions
Special Report
Tax Breaks

Your Guide to Roth Conversions

A Kiplinger Special Report
February 25, 2021

Recommended

Stock Market Today 2/26/21: Tech Gets Respite From Recent Selling
Stock Market Today

Stock Market Today 2/26/21: Tech Gets Respite From Recent Selling

Treasury yields cooled off Friday, and so did the Dow and S&P 500, while the recently maligned Nasdaq and several of its tech components enjoyed a mod…
February 26, 2021
Kiplinger's Weekly Earnings Calendar
stocks

Kiplinger's Weekly Earnings Calendar

Check out our earnings calendar for the upcoming week, as well as our previews of the more noteworthy reports.
February 26, 2021
Stock Market Today 2/25/21: Stocks Tank as Interest-Rate Fears Persist
Stock Market Today

Stock Market Today 2/25/21: Stocks Tank as Interest-Rate Fears Persist

The 10-year Treasury yield cleared 1.5% today for the first time in a year, sparking a broad, deep selloff across the stock market.
February 25, 2021
Stock Market Today 2/24/21: Dow Jones Cruises to Record Altitude
Stock Market Today

Stock Market Today 2/24/21: Dow Jones Cruises to Record Altitude

The Dow set a fresh high in a calm but optimistic session, buoyed by dovish commentary by Fed Chair Jerome Powell.
February 25, 2021