Tech powers Nasdaq to record high
Tech stocks led the Wall Street parade higher on Monday with a number of well-known names like Netflix and Microsoft touching lifetime highs.
That strength gave the broader market a lift with the Nasdaq closing at a record high.
For Hilary Kramer, president and CEO of Kramer Capital Research, the tech trade is getting so crowded, she's getting deja vu.
"Just buy, buy, buy. Amazon. Netflix. Apple. Facebook. These are all just rising and everyone is just squeezing into this trade. So everyone has to be careful because it reminds me of the year 2000 when there was just a bubble being created in this one specific arena and everything else was very muted.”
Apple hit its highest price ever. The tech giant announced it will start shipping Mac computers with in-house chips later this year – not Intel chips - calling the move the beginning of a major new era for the product line. The switch will, for the first time, give key third-party app developers access beyond iPads and iPhones. The announcement was part of several made at Apple's annual developers' conference.
Looking outside of tech...And Carnival Cruise Lines extended its sailing halt in North American voyages to September 30. Shares of the world's largest passenger cruise operator fell on the news, as did rivals Royal Caribbean and Norwegian Cruise Line.
