Stocks on Monday opened higher on lingering excitement over a "Goldilocks" economic situation, inspired by Friday's new jobs report. Nevertheless, the Dow and S&P 500 struggled to stay in the green as investors sold off manufacturers likely to get hit by President Trump's new steel and aluminum tariffs, while the tech-heavy Nasdaq remained positive-underscoring the continued strength of the sector that has dominated Wall Street over the past year.
Zacks Rank #1 (Strong Buy) Top Movers
Value: DAQO New Energy DQ - +5.7%
Growth: Vectrus VEC - +4.1%
Income: Eisai Co. ESALY - +6.2%
Dow: 25,212.9 / -122.7 / -0.5%
Nasdaq: 7,588.3 / +27.52 / +0.4%
S&P 500: 2,783.09 / -3.49 / -0.1%
A jobs report tailor-made to boost investor sentiment helped U.S. stocks surge higher last Friday. The biggest beneficiaries of this data were tech stocks, with the Nasdaq hitting closing and intraday records. In the process, the index recouped losses incurred during February's correction, inching up marginally.
Shares of Netflix NFLX dipped over 3% on Monday after opening at a new all-time high. This slip might simply mean investors wanted to grab some profits, but it seems more likely that a tweet from infamous short-seller Citron Research caused Netflix's intraday slump.
Shares of Micron MU gained more than 6.5% in early morning trading Monday after one key analyst took the most-bullish stance on the stock among their Wall Street peers.
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The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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