Tuesday’s mid-day stock market update: Nasdaq hits new highs ahead of Powell’s testimony

By: Wajeeh Khan
Wajeeh Khan
Wajeeh is an active follower of world affairs, technology, an avid reader, and loves to play table tennis in… read more.
on Jun 22, 2021
  • Existing home prices in the United States hit a record high in May.
  • Alfi soared 85% and is now higher by more than 400% over the past month.
  • Amazon Prime per order average fell from $54.64 last year to $47.14.

The price of Bitcoin briefly turned negative for 2021 but stock investors didn’t seem to care. The tech-dominant Nasdaq index hit a new intraday all-time high while the Dow Jones Industrial Average added more than 500 points.

Tuesday’s rally comes ahead of Federal Reserve Chairman Jerome Powell’s testimony to the US Congress. He will speak Tuesday afternoon but investors shouldn’t expect any surprises as his remarks were released on Monday.

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Powell will tell US lawmakers that job growth should see momentum in the coming months while inflation pressures should ease.

Notable reports

US existing home prices hit a record high in May as the median existing-home price rose 23.6% year-over-year.

Big winners: Sanderson Farms, GameStop, Alfi, and 3D Systems

  • Sanderson Farms gained more than 10% on Tuesday amid media reports the food company is exploring a sale and is receiving strong interest.
  • GameStop was higher by 10% but gave up some of its early morning gains. The original meme stock successfully raised more than $1 billion as part of a share sale.
  • Alfi soared 85% and is now higher by more than 400% over the past month. The company said on June 17 it will instal 10,000 of its digital devices in Uber and Lyft cars.
  • 3D Systems gained 30% after reaching an agreement with CollPlant for a 3D bioprinted device to be used in breast reconstruction procedures.

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  • Amazon Prime per order average fell from $54.64 last year to $47.14, according to data from Numerator.
  • Activist investor Engine No. 1 will launch an ETF after securing commitments of $100 million.
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