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Stocks Return Higher, Tech/Growth Leads Bounce

  • During the final session of the month, equity markets across Wall Street traded higher, with tech and growth names leading the bounce, prompting outperformance in the NASDAQ relative to S&P 500 and Dow Jones Industrial Average.
  • The NASDAQ 100 now trades close to 8% off last week's lows, and is again narrowing in on the 200-dma. This sentiment was echoed across the S&P 500, with consumer discretionary and tech sectors ripping higher. The gains were led by some of the most oversold stocks of recent weeks, with Tesla, Netflix, AMD and NVIDIA all sharply higher.
  • The risk-on appetite was reflected in the underperformance for value stocks and defensive sectors, leading healthcare and consumer staples to underperform - sitting at the bottom of the pile in the S&P 500.
  • The progression of earnings season remains a focus, with Meta (Facebook), Alphabet (Google) and Amazon all due in the coming days. Full earnings schedule including expectations and timings here:

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