On Monday, all three major U.S. stock indices closed higher.
The market continued its upward trend for the second straight trading day.
However, the momentum for M7 big tech companies significantly weakened.
While Apple and Microsoft posted modest gains, Tesla and Nvidia took substantial hits, tumbling 4.8% and 1.8%, respectively.
Meanwhile, quantum computing stocks showed mixed results. D-Wave, a frontrunner in “annealing” quantum technology, surged over 10%.
Two-Day Winning Streak
All three major indices extended their gains for the second consecutive trading day since March 14.
The Dow Jones Industrial Average, comprising 30 blue-chip stocks, led the market’s ascent.
The Dow closed up 353.45 points (0.85%) at 41,841.63.
The S&P 500, which better reflects the overall market outlook, climbed 36.19 points (0.65%) to finish at 5,675.12.
The tech-heavy Nasdaq continued its upward momentum, rising 54.58 points (0.31%) to 17,808.67.
The CBOE Volatility Index (VIX), often called Wall Street’s “fear index,” plummeted nearly 6%. The VIX dropped 1.25 points (5.78%) to 20.51.
Compared to 27.86 on March 10, the VIX dropped more than 26%.
M7: Only Apple and Microsoft Rise
The M7 big tech stocks largely underperformed despite the overall market rally.
Only Apple and Microsoft, the two largest companies by market cap, posted modest gains.
Apple’s stock rose $0.51 (0.24%) to $214.00, while Microsoft’s gained $0.14 (0.04%) to close at $388.70.
The remaining five stocks in the group all declined.
Tesla took the biggest hit, plunging $11.96 (4.78%) to $238.01. Nvidia, which kicked off its GTC conference, slid $2.14 (1.75%) to $119.53, again falling below the $220 mark.
Tesla declined after Mizuho slashed its price target from $513 to $430. Nvidia faced selling pressure as investors awaited CEO Jensen Huang’s keynote address at the GTC conference on Tuesday.
Alphabet dipped $1.20 (0.72%) to $164.29, while Meta Platforms shed $2.70 (0.44%), closing at $604.90.
Amazon lost $2.20 (1.11%) to finish at $195.74.
Quantum Computing Stocks Show Mixed Results
The quantum computing sector showed mixed performance.
While previous frontrunners IonQ and Rigetti saw slight declines, D-Wave emerged as a new leader, surging over 10%. Quantum Computing, which had been sidelined in the upward trend, also jumped more than 10%.
Following a 47% weekend rally, D-Wave soared by $1.03 (10.15%) to $11.18, marking a 33% rise year-to-date.
Quantum Computing surged $0.93 (13.12%) to $8.02, though it remains down 52% for the year.
IonQ slipped $0.07 (0.28%) to $24.93, while Rigetti dipped $0.06 (0.53%) to close at $11.16. The company has fallen 40%, and Rigetti has declined 27%.
