Stocks Hitting Record Highs
KKR & Co (KKR), CrowdStrike (CRWD), and GoDaddy (GDDY) are set to join the S&P 500, while Arm Holdings (ARM) will join the Nasdaq-100 Index (NDX), effective June 24. All stocks hit record highs after the news, while CRWD, in particular, has support in place ahead of the event. Pharmaceutical giant Eli Lilly (LLY), tech concern Oracle (ORCL), and footwear name Birkenstock (BIRK) all traded at all-time highs this week as well.
Tech News This Week
Apart from ARM's highs, there were a few more updates from the chip sector as well. Broadcom (AVGO) announced a strong fiscal second-quarter report, as well as a 10-for-1 stock split, while Advanced Micro Devices (AMD) was downgraded to "equal weight" from "overweight" at Morgan Stanley. Much of the news from this sector is brought back to artificial intelligence (AI), in which Apple (AAPL) announced a new partnership with ChatGPT on Monday.
Looking at e-commerce stocks next, we zoomed in on Maplebear (CART), eBay (EBAY), and Sea (SE) this week, while J.P. Morgan Securities initiated coverage on Shopify (SHOP) with an "overweight" rating.
What's Coming Up Next
The market will be closed in the middle of next week for the Juneteenth holiday, but there is plenty of economic data scheduled around it, as well as Fed speeches that will give a bit more insight into the central bank's plan this year. In the meantime, here are two support levels to keep in mind, per Schaeffer's V.P. of Research Todd Salamone, while Schaeffer's Senior Quantitative Analyst Rocky White notes large cap outperformance this year and whether or not it will continue.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
