Nasdaq Composite Pares Gains but Holds Record as Biotechnology Weighs

The Nasdaq Composite Index gave back most of its gains Tuesday, as shares of biotechnology companies dragged on an otherwise productive day for the tech-heavy average.

The Nasdaq ended at 6,412.17, little changed from the previous close but just enough for a new record high. It was up by as much as 0.2% through midday trade.

Nasdaq’s most active stocks list saw 1,677 gainers and 1,248 decliners. A total of 229 companies went unchanged. A total of 229 stocks posted new highs versus 32 that registered new lows.

Shares of Apple Inc. (NASDAQ: AAPL) rose 0.5%. Facebook Inc. (NASDAQ: FB) fell 0.5%. Both companies are scheduled to report quarterly results this week.

Dow blue-chip Cisco Systems Inc. (NASDAQ: CSCO) was up 0.8% by the close. Fellow Dow industrial Microsoft Corp (NASDAQ: MSFT) rose by a similar amount.

The Nasdaq Biotechnology Index, which tracks companies listed as either biotechnology or pharmaceuticals, fell 1.1% to 3,390.65.

Tuesday was a record-setting day for the S&P 500 Index. Wall Street’s large-cap benchmark closed up 0.3% at 2,477.08. The Dow Jones Industrial Average rose 0.5% to 21,613.43.

Stocks have put together a solid month of gains after a volatile end to June cast doubts about the post-election rally. The Nasdaq has gained more than 4% this month, including a ten-day winning streak that was the longest in two-and-a-half years.

In economic data, U.S. house price growth slowed in May, according to the S&P/Case-Shiller National Home Price Index. The 20-city index rose 5.7% on the year, down from 5.8% in April.

Data on new home sales will make headlines no Wednesday.

Nasdaq Composite Index


Sam Bourgi is a financial market analyst for He has more than six years of progressive experience in economic and financial analysis, research consulting and sectoral analysis. As a published author in government, peer-reviewed, online and industry sources, he has developed a fundamental approach to the financial markets with a broad focus on stock indices, commodities and the technology sector. He earned his Bachelor’s Degree from the University of Windsor and Master’s degree from McMaster University.