Markets

Stock Market Today: Nasdaq, Tech Stocks Continue to Regain Their Poise

The technology sector took off again on a news-light Tuesday, though Apple (AAPL) didn't contribute much after a set of product and service reveals.

Technology and tech-related stocks resumed their leadership role on Tuesday amid a relatively calm, news-light Tuesday.

The New York Federal Reserve's Empire State Manufacturing Index jumped to a reading of 17 for September, versus expectations of just 6. (Any reading in positive territory indicates growth). And a Chinese health official said vaccines being developed there might be ready for general distribution as early as November.

The highest-profile gains could be found in the tech and communications sectors, with blue chips such as Facebook (FB, +2.4%), Qualcomm (QCOM, +2.8%) and Netflix (NFLX, +4.1%) all posting solid advances. That helped the tech-heavy Nasdaq Composite rally yet again, up 1.2% to 11,190.

Other action in the stock market today:

  • The Dow Jones Industrial Average shed most of its early gains, eking out a mere 2 points of progress to finish at 27,995.
  • The S&P 500 gained 0.5% to 3,401.
  • The Russell 2000 climbed just 1 point to 1,538.

An Uneven Market

Tuesday featured a few other trends worth paying attention to.

"Tech stocks continue to rebound, after last week's decline, but it's interesting to see strength in the real estate and utilities sectors, which are classic defensive sectors," says Andrew Smith, chief investment strategist for Dallas-based Delos Capital Advisors. "Some investors are betting on a robust tech rebound, while others are seeking safety.

"The real estate and utilities sectors also tend to perform well when investors expect interest rates to decline. Investors may be front-running the Fed's expected accommodative tone in Wednesday's meeting."

That's no wonder, given that many market experts (including Smith) predict volatility between here and the November elections.

Apple's Newest Products Fail to Excite

Also of note Tuesday was Apple (AAPL, +0.2%). The tech giant announced a number of new products and services, including new iPads, Apple Watches, a fitness service and "Apple One" bundles tying together several services for one price. However, Wall Street appears to be waiting for the main event.

Wedbush analyst Daniel Ives called Tuesday's reveal "the drumroll to the main event likely slated for the first week in October in which we expect Cook & Co. to officially unveil its linchpin iPhone 12 product cycle," which many expect will be Apple's first entry in the 5G foray.

While 5G communications technology is still in the early stages, it's among several other tech trends, such as cloud computing and artificial intelligence, that are positioned to blossom in the years ahead. But which stocks are right to capture this opportunity? We look at seven of the best 5G stocks, including chipmakers, consumer plays and even real estate.

Kyle Woodley was long FB as of this writing.

Most Popular

Retirement: It All Starts with a Budget
personal finance

Retirement: It All Starts with a Budget

When you’re meeting with your financial planner, do you talk about your budget? If not, you should.
November 10, 2020
Planning to Sell Your Home in Retirement? Downsize Costs Along With Space
Budgeting

Planning to Sell Your Home in Retirement? Downsize Costs Along With Space

In this hot real estate market, consider the costs of buying and selling a house along with the expenses associated with your new digs.
November 13, 2020
What Biden Will Do: 24 Policy Plays to Expect From the Next Administration
Politics

What Biden Will Do: 24 Policy Plays to Expect From the Next Administration

The Kiplinger Letter forecasts President-Elect Joe Biden’s biggest priorities -- and the likelihood of progress on them.
November 19, 2020

Recommended

Stock Market Today 11/27/20: Nasdaq Notches Another High as COVID's Spread Worsens
stocks

Stock Market Today 11/27/20: Nasdaq Notches Another High as COVID's Spread Worsens

An error in AstraZeneca's COVID-19 vaccine trial and persistent coronavirus troubles in the U.S. led investors to chase the old COVID trade Friday.
November 29, 2020
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.
November 27, 2020
James Glassman’s 10 Stock Market Picks for 2021
Becoming an Investor

James Glassman’s 10 Stock Market Picks for 2021

Chipmaker Intel, down nearly 19% in the past year, looks like an unusual tech bargain.
November 26, 2020
Stock Market Today 11/25/20: Jobs Data Weighs on Stocks, But Nasdaq Hits New High
stocks

Stock Market Today 11/25/20: Jobs Data Weighs on Stocks, But Nasdaq Hits New High

The Nasdaq cleared its September highs Wednesday despite a second straight week of rising unemployment claims that slowed the other major indices.
November 25, 2020