Hello traders everywhere. As we near the end of the summer trading season the NASDAQ is hitting all-time highs each day being propelled by gains in tech which have been led by Amazon and Apple today. The NASDAQ traded over the $8,100 level in early trading and is currently posting about and .80% gain on the day. Will it close out the day at a new record high?
Both companies are hitting record highs as Amazon.com Inc. (AMZN) shares rose 1.4% after Morgan Stanley raised their price target on the stock, predicting a $1.2 trillion valuation for the company. Analyst Brian Nowak said Amazon's advertising, subscription and cloud businesses "will drive higher profitability and continued upward estimate revisions."
Meanwhile, Apple Inc. (AAPL) is continuing it's month-long march higher which now stands at over +16% on the month. This mover higher is largely due to Apple's services segment which reported sales that reached a record high of $9.5 billion in its recent quarter, up 31% from a year earlier. The services segment currently accounts for 13% of Apple's total revenue. But let's not forget that the company is gearing up for its biggest iPhone launch in four years with expectations to ship 70 million to 75 million units of its 12th-generation iPhone models by the end of the year. That would be Apple's biggest launch since the iPhone 6 series in late 2014.
Key Levels To Watch This Week:
S&P 500 (CME:SP500): 2,802.49
Dow (INDEX:DJI): 24,965.77
NASDAQ (NASDAQ:COMP): 7,732.69
Gold (NYMEX:GC.Z18.E): 1,220.70
Crude Oil (NYMEX:CL.V18.E): 68.21
U.S. Dollar (NYBOT:DX.U18.E): 96.86
Bitcoin (CME:BRTI): 7,161.99
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
