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“The only constant in the technology industry is change.” – Marc Benioff
Change may always be afoot when it comes to technology, but for the Nasdaq, there hasn’t been much change over the last two days as the index rallied 111 points (+0.79%) on both Monday and Tuesday! Even more ironic when it comes to change is that yesterday Microsoft (MSFT) became just the second US company to ever have a market cap of more than $2 trillion. Microsoft has seen a lot of change over the last two decades, but just like back in the late 1990s and early 2000s it remains right near the top of the list when it comes to being one of the most valuable companies in the world.
Futures are pointing to a modestly higher open this morning while the 10-year yield is exactly unchanged. Besides updates on PMI readings from Markit, New Home Sales will be released at 10:00 AM eastern, and there’s a number of Fed speakers on the calendar.
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With the Nasdaq up over 1.5% in the first two trading days of the week, the Technology sector traded at a new record high yesterday taking out its highs from April. Since the October lows, Technology has underperformed the broader market but it has been trading in a steady uptrend with higher highs and higher lows.