Tech stocks are up big today, and it’s not hard to see why.
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Cyber Monday put a jolt in the stock market today.
Data from Adobe Analytics suggest that America may have had its biggest online shopping day in history, as consumers flocked to take advantage of online deals today.
The equity markets liked the action. With Amazon and technology stocks leading the way, the Entrepreneur Index™ was up 2.25 percent for the day, with 56 of 60 stocks on the index posting gains. The Nasdaq composite index was up 2.06 percent, while the Dow and S&P 500 indexes were up 1.46 percent and 1.55 percent respectively.
Technology stocks, the hardest hit segment of the market in the last two volatile months, posted some of the largest gains on the day. Amazon.com, the biggest online retailer in the world, was up 5.28 percent. Twitter was also up 5.43 percent. None of the 13 tech stocks on the Entrepreneur Index™ were down today.
The biggest gain in the sector was posted by chipmaker NVIDIA Inc., possibly the most volatile stock in the market this year. It was up 5.52 percent after a Credit Suisse analyst initiated coverage with an outperform rating, suggesting that the nearly 50 percent drop in the stock price
over the last two months has created a great buying opportunity for investors.
Wynn Resorts, another extremely volatile stock this year, was up 6.89 percent today — the biggest gain on the Entrepreneur Index™. The gambling environment in Macau, where Wynn operates three casinos, was once again the reason for the move in the stock price. Brokerage firm Sanford Bernstein increased its forecast for November gambling revenue in Macau to seven percent to eight percent from an earlier estimate of two percent to four percent. Wynn’s shares are still down 34 percent for the year.
Tesla shares were up 6.19 percent today after another unusual interview with CEO Elon Musk aired on HBO yesterday. Musk said that earlier this year Tesla was only weeks away from death due to the rocky production ramp-up of the company’s Model three sedan. He also said he plans to take a trip to Mars when the opportunity presents in the future.
L Brands, makers of Victoria’s Secret lingerie, appeared to be a big winner in the early holiday shopping season. The stock was up 6.74 percent today, though it is still down 47 percent so far this year.
Other major gains on the Entrepreneur Index™ were posted by TripAdvisor Inc. (4.36 percent), Regeneron Pharmaceuticals (3.61 percent), Jefferies Financial Group (3.61 percent) and Under Armour Inc. (3.35 percent).
Only six stocks on the index had declines today. The largest was registered by food-maker J.M Smucker Company, which was down 1.54 percent. Chipotle Mexican Grill was down 1.15 percent, and oil and gas producer Hess Corp. was down 1.03 percent, despite a more than two percent rally in the price of oil today.
The Entrepreneur Index™ collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time on Entrepreneur.com.