Futures are pointing to a lower open today after yesterday’s roller coaster ride. The surge in coronavirus cases is weighing heavy on Wall Street. Confirmed COVID-19 case numbers are up in dozens of states. Sadly, the U.S. saw a record-high 63,200 new daily coronavirus cases yesterday.
Investors continue to pile into what they perceive as corona-virus proof tech stocks causing the Nasdaq to close at another record high, gaining 0.5% while the DJIA fell 360 points or 1.4%.
Just look at the gains from some of our recent tech trade recommendations:
FSLY is up more than 35% since our alert on June 23rd from $75.90 to $102.72
ECOM is up 25% since we recommended it on June 22nd.
NIO is up an enormous 62% since our recommendation last Thursday.
Some investors are questioning whether the tech sector is in a bubble, similar to what we saw in 2008. We don’t think so. Current opportunities to invest in well established, proven and profitable tech companies with big growth potential provide fortitude for the sector and that simply wasn’t the case in 2008.
Today we are highlighting a most beloved tech stock with big upward momentum. Nvidia has been one of the best performers in the U.S. stock market. Yesterday the company made news for surpassing Intel as the largest U.S. chipmaker.
NVDA share price has had a huge run up amidst the market recovery from mid-March lows, soaring past its previous Feb. ATH of $321. It’s currently trading at more than $420. YTD shares have rallied 74.2%. Current valuation might seem risky, but a look into the company’s stellar financial performance will show its annual revenues have more than doubled, while earnings have quadrupled in the last five fiscal years.
NVDA is on an upward trajectory from here which is why we consider NVDA a good long term opportunity.
