A broadening out of tech stock gains is underway today as the market shakes off fears of a recession due to strong consumer confidence.
The Nasdaq Composite is now up nearly 200 points, or 1.5%, to 13,530 as it tries to put a floor under the recent selling.
Among the leaders today are airline stocks like American Airlines (up 5.6%) and Booking Holdings (3.6%). Megacap tech names are also mostly higher (with the exception of GOOG) but this is a broadening out of gains, something bulls have been hoping to see.
I would be skeptical of anything right now as quarter end looms but, seasonally, the first two weeks of July are the strongest time of the year for equities.