The Nasdaq Composite closed at a new all-time high on Tuesday and crossed15,000 for the first time in the process. It managed to cross that milestone today even without the help of
has gained 0.5% to 15,019.80, outpacing the
0.2% rise to 4486.23, and the
Dow Jones Industrial Average’s
0.1% advance to 35,366.26. Both the Nasdaq and the S&P 500 finished at record highs.
But only the Nasdaq crossed a nice big round number. We’re not usually enthusiastic about such things—a number is just a number after all—but the index did it even as two of the market’s biggest stocks have dropped on Tuesday. Apple stock finished off 0.1% at $149.62. while Microsoft declined 0.7% to $302.62.
Others Big Tech stocks are faring better, but are still off their record highs.
(FB), for instance, advanced 0.6% to $365.851, but down 2% from its record high of $373.28 that it hit on July 28.
(AMZN), meanwhile, has gained 1.2% to $3298.40, but is still off more than 10% from its record of $3,305.78, set on July 8.
Only Google parent company
(GOOGL), up 0.9% at $2,825.23, made an all-time high Tuesday.
The big gains are coming from elsewhere, though many are too small to have much of an impact on the index level. Top-performing stocks in the index included
(PDD), up 22%,
Naked Brand Group
(NAKD), up 13%,
Melco Resorts & Entertainment,
(ABNB), up 10%, and
(HNST), up 8.6%. Only Pinduoduo and Airbnb, among the index’s 50 largest stocks by market cap, are large enough to have a big impact on the Nasdaq today.
That the index can hit a new high—and cross 15,000—without Big Tech having to do all the heavy lifting is a good sign for the overall market, which has had a breadth problem of late. That’s not the case on Tuesday, where 313 of the S&P 500’s stocks are trading higher, even though the index finished up just 0.2%.
Better breadth, if it continues, would go a long way toward alleviating some of the concerns about the stock market’s recent strength. In fact, it was one reason R.F. Lafferty’s Guy Ortmann changed his “near-term macro-outlook for equities to ‘neutral/positive’ from ‘neutral.’
But it does need to continue. “Note in particular, how new lows have actually exceeded new highs recently,” Ned Davis Research’s Ned Davis writes of the Nasdaq. “This is a warning, even as the Nasdaq made new highs.”
Consider us warned—even as we celebrate Nasdaq 15,000.
Write to Ben Levisohn at [email protected]