The wild ride on Wall Street continues. As of this morning, futures are up and traders seem optimistic. The current economic boom is still going strong. From my perspective, this is a clear demonstration of technology’s essential role in driving growth and prosperity on a global scale.
“Dow futures rose 75 points. S&P 500 futures gained 0.27% and Nasdaq 100 futures rose 0.22%,” writes Maggie Fitzgerald of CNBC. “Despite Friday’s weakness in equities, the S&P 500 notched its third straight month of gains in April, adding more than 5% to the index as investors bet on a big economic and profit recovery from the pandemic. The S&P 500 is now up 11% for the year. The benchmark closed at record levels on Thursday on the heels of blowout earnings results from Apple and Facebook. The Dow rose about 2.7% last month, while the Nasdaq Composite gained 5.4% in April.”
Nearly two-thirds of Americans are optimistic, according to an ABC/Ipsos poll cited this weekend in Barron’s. “ABC News said the country hasn’t been that optimistic since December 2006, when 61% of people told an ABC News/Washington Post survey they liked where the country was headed,” writes Janet H. Cho in Barron’s.
I think there’s a good chance that the positive sentiment will translate into more good news for markets. It also seems likely there will be dips and pullbacks, but those hiccups might also provide great opportunities for investors to buy high-flying stocks at bargain prices.
As I have said and written previously, now is undoubtedly the best time to be a technology executive. Yes, on some days it truly feels like a roller coaster. But we’re on the ride of a lifetime, and I frankly wouldn’t trade this experience for anything. Carpe diem!