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Nasdaq hits 10,000 mark for first time ever

In Intraday trading on Tuesday, the tech-laden Nasdaq Composite reached a new milestone — even as the US and other economies around the globe continue to falter. The index pushed passed the 10,000 mark for the first time ever to reach 10,002.50, before dropping back to close at 9,953.75.

Gloom creeps in

Continuing protests over racism and police brutality across the US, combined with reports that the country officially entered a recession in February, has created a heady cocktail of uncertainty for US markets this week. The negativity extended to European indices, which slumped yesterday, while those in Asia presented a mixed but predominately muted message.

Fangdd Network Group

China-based real estate firm Fangdd Network Group saw a huge spike in its share price performance this week seemingly out of nowhere, prompting Bloomberg to question if this was just a case of mistaken identity (possibly confused with the prominent ‘FANG’ stocks).

The headwinds that could ground IAG again

Although the airline group’s share price is soaring, the story over recent months has been far from steady. The stock has climbed 85% from a mid-May low, but it now faces headwinds — such as developments in quarantine practices and safe travel corridors — that could leave investors questioning if its share price can maintain altitude.

A “discretionary” stocks recovery

This month has seen shares in retailers, restaurants, airlines and hotels rally, as investors seek bargains in previously embattled stocks. According to The Wall Street Journal, gains in companies like Wynn Resorts, Alaska Air Group and Nordstrom highlight the trend of buyers jumping back into stocks that had previously been dropped due to the risk posed to them by lockdowns.

What’s Buffett’s next move?

In light of the recent airlines rally, many have questioned if famed investor Warren Buffett made the right move when Berkshire Hathaway dumped its entire holding in the sector. Only time will tell, but in the meantime, investors will look to Buffett’s next move, the clues to which could lie in his current portfolio.

Thousands of small buyers flood insolvency stocks

Investors on apps like Robinhood have piled into Hertz Global Holdings, Whiting Petroleum and Chesapeake Energy, Bloomberg reports, despite the companies having filed for bankruptcy. The publication suggests that the share price surge in these stocks is evidence that retail investors have become a “decisive driver of price”.

Vroom’s $40.25 opening smashes IPO price

Shares in automobile retailer Vroom jumped 83% above its initial offering price of $22 when it opened on the Nasdaq on Tuesday. This gave the company — listed under ticker VRM — a valuation of $4.6bn and follows the successful listings of Warner Music Group and ZoomInfo, The Wall Street Journal reports.

The stocks ahead of Wall Street targets

A number of stocks have got ahead of consensus price targets and will require either a drop in ratings or an increase in these targets, MarketWatch reports. The publication put together a list of 22 stocks — topped by Norwegian Cruise Line Holdings, Royal Caribbean Cruises and PVH Corp — that have consensus buy ratings but target prices at least 10% below their 8 June close prices.

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