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Tech Up As Nasdaq 100 Hits Record High -- Tech Roundup

06/05/2020 | 05:37 pm

Technology stocks rose as the Nasdaq 100 index hit a new record high, the first major American stock index to do so in the wake of the pandemic selloff.

The sustained leadership provided by the tech-oriented index, which also surpassed the returns of the broad market during the last bull market, suggested to one analyst that investors value tech stocks at a premium.

"It gives an indication that we're firmly shifting into the New Economy and its market environment, a state where investors are willing to pay up for names that are at the forefront of the 4th economic revolution," said Peter Essele, head of portfolio management for financial-advice firm the Commonwealth Financial Network, in a note to clients.

The latest gains in the index tracking the largest tech stocks were driven, in part, by Apple, which hit a record as optimism built for the fall launch of 5G iPhones and the outlook for services revenue.

Slack Technologies shares fell after the provider of workplace software -- one of the perceived beneficiaries of the "work from home" trend -- only slightly raised its growth projection for the year.

Shares of videoconferencing company Zoom Video Communications, another company whose shares became very popular during the "lockdown," also fell sharply.

Elon Musk blasted Amazon.com and its founder Jeff Bezos Thursday, after the online retail giant rejected a book about the coronavirus pandemic, a clash that highlights the power some big tech companies wield over free speech.

Two of China's most valuable U.S.-listed companies progressed toward listings in Hong Kong, e-commerce giant JD.com and online-gaming group NetEase secured secondary listings in the Asian financial center. Another giant Chinese Internet company, Alibaba Group, already has a secondary listing in Hong Kong.

 

Write to Rob Curran at rob.curran@dowjones.com

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