Here’s what we’re watching as markets kick into gear Tuesday.
U.S. stock futures advanced, suggesting that the major benchmarks may extend their rally a day after closing at records. The S&P 500 has advanced over 15% this year, building on its 29% surge in 2019. Contracts on the Nasdaq-100 index signal that technology stocks will also gain on Tuesday. Read our full market wrap here.
Apple is among the mega technology and growth stocks that are ticking up in premarket trading on Tuesday.
Photo: Noam Galai/Getty Images
Market Movers to Watch
The mega tech and growth stocks that have powered this year’s market rally— Apple, Microsoft, Amazon.com and Alphabet —edged higher ahead of the New York opening bell.
Snap jumped 5.9% after Goldman Sachs raised its price target on the stock to $70 apiece. The stock closed on Monday at $48.26.
Quanterix rose 2.4% premarket after the FDA gave emergency-use authorization for the company’s Covid-19 antibody test. Arcturus Therapeutics slid more than 38% before the bell after the company released test data for its Covid-19 vaccine candidate.
Tax-software company Avalara edged slightly higher in premarket trading. It had risen almost 3% premarket after it agreed to acquire Germany software firm Inposia Solutions.
Market Fact
The Nasdaq Composite Index hit its 55th record close of the year on Monday and has gained almost 44% this year.
Chart of the day
With stocks rising, some investors are borrowing against their investment portfolios to buy even more shares. Margin balances have hit their first record in more than two years.
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