Technology stocks were the stars of the stock market today, taking the lead as investors celebrated strong earnings reports from companies like Netflix (NFLX) and Intuitive Surgical (ISRG). The Nasdaq composite surged nearly 0.8% around midday, with more winners than losers and solid breadth. Despite lower volume compared to the same time on Thursday, the market was bullish.
The S&P 500 saw a modest 0.2% increase, with Lamb Weston (LW) making notable gains of 8% after reports of activist investor interest. However, CVS (CVS) and American Express (AXP) struggled, with losses of 9% and 4% respectively. CVS took a hit after naming a new CEO and guiding Q3 earnings below estimates, while AmEx fell even after beating earnings expectations due to revenue in line with estimates.
The Dow Jones Industrial Average lagged slightly, down 0.2%, but Apple (AAPL) stood out as a strong performer in the sector. Despite a nine-week win streak ending last week, Apple holds near highs with solid fundamentals and leading price performance, showcasing its strength.
Outside of China, Alkami Technology (ALKT) continued its rally with a 2% gain, nearing the top of a 12-week consolidation pattern with a 36 buy point.
Netflix and Intuitive Surgical made headlines with impressive earnings reports, leading to gains of more than 10% and 8% respectively. Taiwan Semiconductor (TSM) fueled the semiconductor sector with a bullish earnings report, driving gains in stocks like Nvidia (NVDA) and Alamos Gold (AGI).
Overall, the market showcased strength in the technology sector and notable performers like Apple and Alkami Technology, highlighting potential opportunities for investors.
