Stock Market Today

Stock Market Today: Nasdaq Scores Biggest Surge in 4 Months

Tesla, Apple and a most other large-cap tech names triggered a relief rally in the Nasdaq a day after the index fell into correction.

The Nasdaq Composite, doing its best impersonation of a pendulum of late, swung hard in the bulls' direction Tuesday with its best one-day performance in roughly four months – just one day after falling into a correction from its Feb. 12 peak.

"The Nasdaq market 'capitulated' (on Monday)," says market strategist Louis Navellier. "Volume was light, however, which is less of a concern than high-volume declines, which indicate panic."

Today's "buy-the-dip" moment in the tech-heavy index coincided with a short reprieve in rising Treasury rates; the 10-year Treasury yield closed at 1.55% on Tuesday.

"The 10-year (yield) is now overbought on the short-term charts," says Dan Wantrobski, technical strategist and associate director of research at Janney Montgomery Scott, adding that further pullbacks "should power better relative performance out of the tech sector over the short-run."

Tesla (TSLA, +19.6%) broke a five-session slump, roaring ahead on robust vehicle sales data out of China. That, as well as big moves in tech blue chips such as Apple (AAPL, +4.1%), Microsoft (MSFT, +2.8%) and Nvidia (NVDA, +8.0%) sent the Nasdaq 3.7% higher to 13,073 – its biggest single-day gain since Nov. 4, 2020. The Dow finished a slim 0.1% higher to 31,832.

Other action in the stock market today:

  • The S&P 500 gained 1.4% to 3,875..
  • The small-cap Russell 2000 popped 1.9% to 2,245.
  • U.S. crude oil futures declined by 1.6% to $64.01 per barrel.
  • Gold futures rebounded 2.3% to settle at $1,716.60 per ounce.
  • Rocket Cos. (RKT, +3.2%) broke a four-session losing streak on the record date of its $1.11-per-share special dividend. While RKT's payout is expected to be a one-time affair, there are some stocks that more regularly pay special dividends.
  • Bitcoin prices continued their recent resurgence, climbing 5.0% to $54,388. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.)
stock chart for 030921

What Hedge Funds Are Holding

That's more good news for the hedge fund set, which is having a nice start to 2021.

The Eurekahedge North American Hedge Fund Index was up 4.8% through March 8, beating every one of the major indices. In part, they have the Dow Jones Industrial Average to thank – Dow 30 stocks feature prominently among the stocks most widely held by hedge funds and other institutional money.

But they're also heavy in the technology sector, which has lagged in 2021 – so it stands that Tuesday's revival in mega-cap tech was celebrated by much of Wall Street's "smart money."

What exactly do hedge funds own en masse at the moment? Today, we've taken a dive into their most recent filings and identified 25 stocks that are most widely held among institutional holders with deep pockets and rich research resources. Have a look!

Kyle Woodley was long NVDA as of this writing.

Most Popular

Your Guide to Roth Conversions
Special Report
Tax Breaks

Your Guide to Roth Conversions

A Kiplinger Special Report
February 25, 2021
The 12 Best Tech Stocks to Buy for 2022
tech stocks

The 12 Best Tech Stocks to Buy for 2022

The best tech-sector picks for the year to come include plays on some of the most exciting emergent technologies, as well as several old-guard mega-ca…
January 3, 2022
How to Know When You Can Retire
retirement

How to Know When You Can Retire

You’ve scrimped and saved, but are you really ready to retire? Here are some helpful calculations that could help you decide whether you can actually …
January 5, 2022

Recommended

Netflix Stock: Q4 Subscriber Growth Expected to Stall
stocks

Netflix Stock: Q4 Subscriber Growth Expected to Stall

Our preview of the upcoming week's earnings reports includes Goldman Sachs (GS), UnitedHealth Group (UNH) and Netflix (NFLX).
January 17, 2022
Stock Market Today (1/14/22): Financials Hold Back Dow in Mixed Friday Session
Stock Market Today

Stock Market Today (1/14/22): Financials Hold Back Dow in Mixed Friday Session

Negative post-earnings reactions in some bank stocks, as well as a lousy December retail sales report, weighed on the industrial average.
January 14, 2022
Can AI Beat the Market? 10 Stocks to Watch
stocks

Can AI Beat the Market? 10 Stocks to Watch

An artificial intelligence (AI) system identifying high-potential equities has been sharp in the past. Here are its 10 top stocks to watch over the ne…
January 14, 2022
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.
January 14, 2022