What Happened: The NASDAQ has seen the quickest recovery from the early 2020 market downturn. Much of the momentum in the market today continued from last week's news. On Friday, investors saw a big surprise in job growth and unemployment numbers for the month of May.
As a result, many investors' attitudes have begun to pivot as they start to price in a strong recovery.
Today, the Nasdaq closed at a high of 9,924.74.
The Big Movers: Electric car company Tesla Inc TSLA saw some eye-popping numbers, having sold 11,095 Model 3 vehicles in China last month. This is a sharp improvement from the previous month of April where 3,635 vehicles were sold. The sales growth also topped March's 10,160 vehicles.
Consumer staples company Kraft Heinz KHC saw its share price pop more than 4% after Morgan Stanley raised its price target by $2 to $30. KHC's most recent quarterly earnings saw just under $1 billion of profit.
Semiconductor company Qualcomm QCOM continued its strong move from last week. The stock rose more than 3% after Rosenblatt Securities initiated Qualcomm with a Buy rating and a price target of $105. With 5G on the horizon, Cassidy said Qualcomm has a lot of potential.
Related Links:
RBC Lifts Amazon Price Target To Street-High $3,300, Says It's 'Best Global Play' On E-Commerce
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