The 0.4% gain for the S&P last night to 2809 confirms, as far as Wall Street is concerned, a break-out of the four-month range. There is now clear air to the January peak. The highlight of the day was nevertheless a new record high for the Nasdaq.
After the bell on Monday night, Netflix shares were down -14% after posting a miss on subscriber growth, and growth guidance, in its earnings report. All through the day, Amazon suffered from technical glitches which threatened to derail the retail deity’s biggest day (36 hours) of each year – Prime Day. The scene was set last night for possibly a big pullback for Big Tech.
Not so. Any weakness in the FANGs would likely only bring out previously slow buyers, and sure enough Netflix closed down -5.2%, not -14%. Despite the glitches, now resolved it appears, Amazon reported that the first ten hours of Prime Day saw even greater revenues than the same period last year. Amazon closed up 1.2%.
The rebound for two of the FANGs prompted buying in all FANGs, and tech across the board.
