The Chinese giant Alibaba hit high during the last session. The stock rose by 28% to $2.28 per share, with revenue growing by 34% to $22.8 billion. Even though China still suffers from the virus outbreak, it seems Alibaba managed to stay afloat.
Some other futures surged forward also. Among them, Nvidia stock, Dexcom stock, Chegg stock, and Shopify stock. They gained significantly in the last week. Nvidia increased to 251.59, but experts advise not to rush buying its shares, they are waiting for its earning results.
Dexcom closed at 240.22, with Chegg rising to 42.71. Analysts think that it will gain more 20%. Experts stated that Alibaba and Nvidia are potential buys. Dexcom, on the other hand, is in a buy zone, and Chegg is just a buy point. Furthermore, Apple and Tesla are rallying after the last gains.
However, American stocks haven’t changed a lot. Nasdaq 100 futures climbed up by 0.1%. Dow Jones futures were flat vs. fair value during the up-and-down trading, while the S&P 500 futures remained steady.
Are the coronavirus fears subsiding?
The Stock Market’s rally during the last few days surprised some experts. Such a turn was quite unexpected, as the coronavirus continues to rage. Analysts thought that the stock would continue to stay low at least several more weeks after the major sell-off, but the market seems to recover quickly after the downfall.
However, it’s not the first case when the sudden turn of the events blindsided experts. According to Mike Webster, Head Market Strategist, there were several similar happenings during the year. For example, the Nasdaq composite pulled back to its 50-day line in 1986 and then rebounded again within several weeks.
The Dow Jones also suffered a sharp two-day pullback but found support at the 50-day line in 1954. It was back at a record high within a few weeks. And don’t forget how fast have the stocks recovered after the U.S.-Iran tensions at the beginning of 2020.
- Trading Instrument