The S&P 500 reached a new record high at 4,131.76 during the session. The previous high was 4,129.48 points, reached on Friday, when the index made its third consecutive week of gains.
For its part, the technology NASDAQ Composite Index decreased 0.36% to 13,850.00 points.
The technology still momentarily entered the green zone, even at the end of the session, but it ended up not taking a breather. The biggest loss was Nvidia’s announcement that it would allocate its first processor for use in data centers, thus entering the Intel market (whose shares fell more than 2% with this news).
On the first day of GTC 2021, the company announced Nvidia Grace, a central processing unit for servers and supercomputers that features ARM technology (a kind of chip that brings efficiency as its main feature).
After a rough start to the year, Wall Street expected unprofessional traders to start spending their $ 1,400 incentive checks on the stock market, bolstering popular quotes like Tesla and Apple, CNN says. However, as of now, this does not appear to be happening.
In fact, young investors, who helped the euphoria surrounding GameStop, didn’t rush to buy their favorite tech stocks, meme stocks, or even exercise short-term buying options with the ferocity they demonstrated at the end of January and early February, CNN confirms.
At the end of March, these investors’ purchases decreased – and it was precisely at that time that checks began to fall into their accounts.
In January and February, residents received standardized $ 600 incentive checks approved in December, still under Donald Trump’s presidency.
The following month, $ 1,400 checks issued in the most recent stimulus package approved in the United States, already under the Biden administration, began accessing bank accounts of Americans.
These checks amount to $ 1,400 per person, or $ 2,800 for spouses who report to the Joint Tax Authority, plus $ 1,400 for each dependent child. Those who earn up to $ 75,000 a year get the check in full (in the case of spouses, with an annual income of up to $ 150,000).
Check amounts will decrease when earnings exceed these limits, and they will not be allocated because profits exceed $ 80,000 per person (or 160,000 per couple).
Another factor that justifies the wisdom of today in the stock markets is related to the approaching disclosure period for the quarterly results of companies.