Tech Stocks Bounce Back After Weekend Slump

The tech-focused Magnificent Seven stocks recovered on Monday, with Nvidia leading the rally. But some stocks weren’t as lucky.

Tech stocks bounced back on 22 July, Monday and successfully recovered from the weekend slump. Major indexes in the U.S. equities market gained strength on the day.

• Tech-focused Nasdaq Composite (COMP) index rose 1.58% to 18,007.57 points.  

• The S&P 500 index gained 1.08% to 5,564.41 points.

• The Dow Jones Industrial Average (DJI) gained by a modest 0.32% to 40,415.44 points.

Image: 1 day chart on the composite index (COMP), by Nasdaq

Nvidia led the recovery of the Magnificent Seven stocks. The Magnificent Seven are a group of high-performing companies in the U.S. stock market: Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla. All these stocks belong to technology companies.

• Nvidia (NVDA) gained 4.76% and closed at $123.54. Nvidia has gained immensely due to its deployment of artificial intelligence (AI) technology and is the world’s second-largest company in terms of market cap.

• Tesla (TSLA) gained 5.1% to close at $251.51. Tesla is the world’s eleventh-largest company and has concerns in clean energy, automobile, robotics and AI.

• Microsoft (MSFT) gained 1.33% to close at $442.94. Microsoft is the world’s second-largest company and its Windows operating system (OS) among the most popular systems.

• Alphabet (GOOGL) gained 2.26% and closed at $181.67. Alphabet is the world’s fourth-largest company. Its most well-known product is Google; it also has its interests in internet, automation, cloud computing, software, and AI.

• Meta Platforms (META) gained 2.23% to close at $487.4. Meta owns major social media networks such as Facebook, Instagram and WhatsApp and is the world’s seventh-largest company.

Not every Magnificent Seven company could ride on the gains yesterday.

• Amazon (AMZN) fell 0.32% and closed at $182.55. Amazon comprises of e-commerce, cloud computing, digital streaming, and AI businesses, and is the world’s fifth-largest company.

• The leading tech company Apple (AAPL) also fell 0.16% and closed at $223.96. Apple is the world’s largest company and is well-known for its iPhone mobiles and MacBook computers.

The market will be closely observing the next U.S. Presidential election as the next government’s policies will influence the markets in a significant manner.