EDITOR'S NOTE
Strength in the technology sector pushed the S&P 500 and Nasdaq Composite to new records on Monday.
With the Federal Reserve’s Jackson Hole summit behind us, investors saw a green light to buy tech stocks. Fed Chair Jerome Powell signaled last week that bond tapering could start this year, but the central bank is in no rush to raise interest rates.
Wedbush told clients it believes “Fedspeak and messaging coming out of Jackson Hole is very bullish for tech stocks with an ‘all clear for risk-on assets’ in the near-term led by tech stocks.”
The S&P 500 rose 0.4% to 4,528.79 and the Nasdaq Composite popped 0.9% to 15,265.89 on Monday. All of the so-called FAANG stocks closed in the green. The Dow Jones Industrial Average dropped 55 points.
“The S&P trading above 4,500 further clinches the case that the US economy is powering ahead,” Ed Hyman, Evercore ISI chairman and founder told clients in a note. 
Hyman added that second quarter nominal GDP’s surge of 13%, signals that business spending will be stronger.
“Consumer wealth is explosive, with both stock prices and house prices surging. And consumers still have $2t in excess saving. Inventory rebuilding is at work with added power from paring back of just-in-time. Looking out a bit, if/when Delta drags recede, reopening will lift economic activity in 2022,” added Hyman.
Investors are awaiting Friday’s August jobs report. Economists polled by Dow Jones expect 750,000 jobs were created in August and the unemployment rate fell to 5.2%. TOP NEWS
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