The major stock indices are trading higher in early US trading. The gains are led by the Nasdaq index.
- S&P and NASDAQ trades to the highest level since January 2022
- Dow Industrial Average trades at its highest level all-time
- Apple trades to a new record high
- Adobe suffers after earnings after the close yesterday
A snapshot of the markets 9-minutes past the open shows:
- Dow industrial average of 14.46 points or 0.04% at 37104.71
- S&P index up 17.94 points or 0.38% at 4725.02
- Nasdaq index is up 83.89 points or 0.57% at 14817.86
Rotation is happening in to the small-cap Russell 2000 on hopes of lower rates:
- Russell 2000 is up 56.03 points or 2.88% at 2003.53
Another barometer for riskier small-cap stocks is Cathie Woods Ark Innovation Funds (ARKK). Its price is up $1.98 or 3.96% at $52.16. Looking at the chart below, the price moved/gapped above the high from August. Technically, yesterday the low stalled at the 100 hour MA. Is it time? Technically, the pair is breaking again.
This is what it looks like on the daily chart. Getting above $53.86 is the next key target that could/should open the upside more:
Apple shares have traded up to $199.56. That’s all-time new high for that stock.
On the downside, Adobe is suffering today after earnings and guidance yesterday disappointed. Adobe shares are down $40 or -6.42% at $584.36.
Caterpillar shares are enjoying the lower rates with a gain of $9.70 or 3.62% at $277.67. Yesterday it shares moved above its 100-day moving average of $264.36