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Best Tech Stocks In 2024, What Is the Monday Effect

Tech STOCKS Soar to RECORD Highs: Are We Headed for a Market Meltdown?

Stocks soared on Wall Street Tuesday, propelling the Nasdaq Composite to a fresh record and pushing the S&P 500 near its all-time high. The S&P 500 climbed 25.26 points, closing at 5,246.68, just below its March peak. Meanwhile, the Dow Jones Industrial Average rose by 126.60 points to end at 39,558.11.

Tech stocks spearheaded the rally once more. The Nasdaq Composite surged by 122.94 points, setting a new record at 16,511.18.

Microsoft Corp enjoyed a weekly price increase of $1.82 despite a trading volume dip of over 47 million shares. Apple Inc also had an impressive week, with its stock rising $4.38 even as volume significantly declined. NVIDIA Corp stood out as well, gaining $14.78 for the week amid a substantial drop in volume.

Amazon.com Inc saw a slight decline of $0.41 amid lower trading activity. Meta Platforms Inc experienced a decrease of $4.35 in its stock price alongside reduced volume.


“Meme stocks” like GameStop and AMC Entertainment witnessed significant volatility reminiscent of their social-media-driven frenzy from three years ago. GameStop skyrocketed by an astonishing 60%, while AMC climbed about 32%. However, both stocks gave up most of their intraday gains before closing time.

Market sentiment remains somewhat bullish according to online s and social media discussions this week, but caution is advised due to mixed signals from various indicators.

The Relative Strength Index (RSI) for the overall market stands around neutral territory at approximately 61%. An RSI value between 30-70 typically indicates that neither buying nor selling pressures dominate completely — suggesting no imminent trend reversal despite recent upward movements across major indices like the S&P 500 and Nasdaq Composite setting new records or approaching them closely again after previous highs earlier this year.

In summary: Markets are buzzing with excitement yet tinged with caution. Tech giants shine brightly while “meme stocks” ride wild waves again; investors should tread carefully amidst mixed signals from key indicators.

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