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US STOCKS-Nasdaq hits record high as Big Tech roars back

Tue 22nd June, 2021 7:15pm
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.) * Powell addresses Congress * Coinbase extends declines as bitcoin falls * Sanderson Farms climbs on sale plans * Indexes: Dow +0.09%, S&P 500 +0.36%, Nasdaq +0.47% (Update with details on market moves, investor comment) By Noel Randewich and Devik Jain June 22 (Reuters) - The Nasdaq hit an intra-day record high on Tuesday, lifted by Amazon, Microsoft and other top-shelf growth companies, while investors awaited remarks about the economic recovery from Federal Reserve Chair Jerome Powell. Amazon.com Inc AMZN.O rose 1.5% and was on track for its first record-high close since September, while Microsoft MSFT.O climbed 0.8% to an intra-day record. Amazon saw over $5.6 billion in total online sales in the United States on the first day of its Prime promotional event, according to Adobe Digital Economy Index. urn:newsml:reuters.com:*:nL3N2O03M3 urn:newsml:reuters.com:*:nFWN2O40KI In prepared remarks released late on Monday, Powell reiterated that recent high inflation was expected to prove temporary. The Fed chief was due to speak before Congress at 2 p.m. ET (1800 GMT). urn:newsml:reuters.com:*:nN9N2M1016 So-called value stocks, expected to benefit from the economic recovery, have outperformed in 2021, while growth stocks, including major tech names like Apple AAPL.O and Nvidia NVDA.O , have rallied since the Fed last week took a stance on future rate hikes viewed by many as more aggressive than expected. The S&P growth index .IGX has added over 1% since before the Fed last Wednesday projected an accelerated timetable for interest rate increases, compared to a nearly 2% drop in the value index .IVX . "The market was caught off guard regarding the Fed’s hawkish commentary, and that’s 100% of what is happening," said Andrew Mies, chief investment officer of 6 Meridian. "All the smart people were surprised about how hawkish the Fed was, and now they are adjusting their portfolios." Nine of the 11 major S&P sector indexes rose, with consumer discretionary .SPLRC and tech .SPLRCT up most. At mid-day, the Dow Jones Industrial Average .DJI was up 0.09% at 33,909.06 points, while the S&P 500 .SPX gained 0.36% to 4,239.88. The Nasdaq Composite .IXIC added 0.47% to 14,208.37. Cryptocurrency exchange Coinbase Global COIN.O fell 0.7% as bitcoin slipped below $30,000 for the first time since January, briefly wiping out gains for the year. urn:newsml:reuters.com:*:nL3N2O31NJ GameStop GME.N jumped 5% after the videogame retailer said it raised over $1 billion in its latest share offering, cashing in further on this year's Reddit-driven surge in its stock price. urn:newsml:reuters.com:*:nL3N2O42MG Sanderson Farms SAFM.O jumped 9.9% to a record high after J.P. Morgan raised its price target on the stock after a source told Reuters that the chicken producer was exploring a sale. urn:newsml:reuters.com:*:nL3N2O347V Moderna Inc MRNA.O rose 6.3% after the European Union decided to take up an option under a supply contract with the drugmaker that allows the bloc to order 150 million additional COVID-19 vaccines. urn:newsml:reuters.com:*:nL2N2O40NV Splunk Inc SPLK.O surged 8.8% after the data analytics software maker said private equity firm Silver Lake invested $1 billion in the company's convertible senior notes. urn:newsml:reuters.com:*:nL3N2O42WB Declining issues outnumbered advancing ones on the NYSE by a 1.09-to-1 ratio; on Nasdaq, a 1.51-to-1 ratio favored decliners. The S&P 500 posted 25 new 52-week highs and 1 new low; the Nasdaq Composite recorded 56 new highs and 53 new lows. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ S&P 500 sectors YTD https://tmsnrt.rs/3zN7TPv ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Additional reporting by Devik Jain, Sujata Rao-Coverley and Medha Singh in Bengaluru; Editing by Maju Samuel and Sonya Hepinstall) ((noel.randewich@tr.com; (415) 677 2542, Twitter: @randewich))
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