It’s a bright tech day to start the week. Despite many US stock companies falling below sustainable levels, major stock index firms soar to new highs. Thanks to tech giants driving the market to an increase after two straight days of unpleasant blows.
Big tech companies in the NASDAQ-100 propelled the increase as fear for the second wave of infections in various parts of the world loom. Facebook witnessed a +1.20% increase, while Apple Inc. is up by +2.37%. Amazon.com Inc and Alphabet Inc. follow the trend with +1.53% and +1.21% climb, respectively.
The surge is the Nasdaq’s first big win after suffering a lukewarm performance last week. The Nasdaq Composite index secured +173 points or 1.67%, now at 10,536 points. While the NASDAQ-100 index gained +191 points, finishing at 10,674.
However, the chief executives of the four tech heavyweights are scheduled for congress summoning amidst antitrust law investigations.
The four leaders will have questions from lawmakers on cross-cutting issues ranging from their business models, revenue sources, operations, and overall influence on the American economy. The tetrad is worth $4 trillion combined.
Other major stock indices also witnessed an increase. The Dow Jones (DJIA) index closed +115 points, settling at a current value of 26,584. The S&P500 index secured +23.78, finishing at 3,239.41.
Moderna’s Stocks Up by 9%
With the GOP hinting to a clearer path for the CARES Act 2, the second fiscal stimulus package worth $1 trillion, Moderna Inc. (NASDAQ: MRNA) is up by 9.15%. The biotech company received an additional $472 million funds from BARDA, totaling $955 million in funds for the development of the COVID-19 vaccine.
With a targeted sample of 30,000 participants, Moderna is in phase 3 or the last leg of its clinical trial. The company aims to produce vaccines from 500 million to 1 billion doses per year, starting in 2021.
The stock market indexes will witness a tug of war within the week. The Big-four’s reckoning outcomes may overshadow new hopes for a further climb.
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