Tuesday’s Headlines: Tech Stocks Come Roaring Back

Tuesday’s Headlines: Tech Stocks Come Roaring Back

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Square (SQ) +5.3%

Roku Inc. (ROKU) +5.2%

Shopify (SHOP) +4.8%

Trupanion (TRUP) +3.6%

Yext (YEXT) +3.5%

Moving Down ⬇️

Tripadvisor (TRIP) -5.5%

DraftKings (DKNG) -4.7%

Chuy's (CHUY) -3.6%

Under Armour (UAA) -3.4%

Nordstrom (JWN) -2.9%

1. Wall Street’s rotation into tech and other growth stocks advanced yesterday, sending the S&P 500 (VOO) and Nasdaq (QQQ) to new records. Shares of Apple (AAPL), Facebook (FB), Netflix (NFLX), and Tesla (TSLA) all gained between 1 and 2%, pushing the Nasdaq up almost 1%. Cloud companies were some of the biggest gainers, with ResMed (RMD), Adobe (ADBE), and Salesforce (CRM) up 6%, 3%, and 2.7%, respectively. The resurgence into tech stocks before the Federal Reserve's policy announcement on Wednesday is a sign that investors believe the central bank will continue its pandemic-era support policies to help boost economic recovery. See more here

2. FedEx (FDX) shareholders have something to smile about this morning after the delivery company’s board announced that they are increasing its quarterly cash dividend by 15%. The new payment of $0.75 per share will be given on July 12, 2021 to investors on record by June 28. The rise is part of the Tennessee-based firm’s commitment to drive growth whilst increasing value for shareholders. Chief Financial Officer, Michael C. Lenz, explained that: "Our balance sheet and cash flow allow us to strategically invest in long-term, profitable growth while also rewarding our shareowners by raising our dividend." Read the full press release here

3. Google (GOOG)-owned YouTube has made a big decision by banning advertisements relating to alcohol, drugs, gambling, and politics from the main banner on its homepage. In an effort to be more inclusive and handle misinformation, YouTube is removing these ads so they are not the first thing people see when they visit the site. Meanwhile, the political ban will help limit controversies such as when former President Donald Trump bought the slot for three days during the 2020 election. The move may result in a drop in ad sales. However, with YouTube bringing in $19.77 billion in global advertising revenue in 2020, it should be able to retain and attract different marketers. Check out the full story here


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