And just like that, tech stocks are the hottest things since sliced bread again.
The Nasdaq topped out on June 8, and after that milestone shares of Apple (AAPL) - Get Report , Facebook (FB) - Get Report , Netflix (NFLX) - Get Report and Alphabet (GOOGL) - Get Report basically crashed. Over the course of a few days, the swift downdraft in the hottest parts of the market led some to pontificate the bull market in stocks was slowly dying. In hindsight, it may have been nothing more than a a flash crash-like needed attitude adjustment telling investors to be careful, even though the gains are likely to continue in the near-term.
Tech has done some things over the last few sessions to regain the confidence of Wall Street.
For starters, the stocks themselves have sprung back to life after a vicious rout and are leading the broader market to fresh records. Secondarily, Amazon's (AMZN) - Get Reportbig deal for Whole Foods (WFM) suggests technology companies are poised to unleash their capital in more productive ways than share buybacks (at high valuations). And above all else, household name companies continue to reveal they have big ideas in the pipeline: everything from Snap's (SNAP) - Get Reportsurprise deal with Time Warner (TWX) to Apple working on driverless cars.
Let the good times roll, until we all get railroaded by the next surprise crash.
What's Hot On TheStreet
Amazon has some work to do with Whole Foods: Organic grocer Whole Foods needs Amazon's tech know-how, and it needs it very quickly to slash prices.
TheStreet's Lindsay Rittenhousewent shopping online at Ohio stores to see how Whole Foods stacked up against Walmart Stores Inc. (WMT) - Get Report and rival grocer Kroger (KR) - Get Report . While the results may not be shocking, they show just how much Amazon will have to cut for Whole Foods to be on equal footing with some of its competitors.
The cost of eight everyday food items at Whole Foods, The Street found, was nearly double that for the ones at Walmart, but Kroger undercut them both. Whole Foods' basket cost $38.29; Walmart's, $19.86; and Kroger's, $16.58.
With data as shocking as this, it's no wonder Whole Foods founder John Mackey is in love with Amazon.
Tesla's stock is out of control: Tesla Inc. (TSLA) - Get Report shares are expected to have a strong session amid reports Elon Musk's electric car baby may open a new production facility in China. Such a move would avoid tariffs in the world's second-largest economy, but risk the ire of U.S. President Donald Trump's "buy American, hire American" industrial policy, The Street'sMartin Baccardax reports.
Tesla's market cap is now more than $60 billion and climbing, despite the company continuing to lose money. Ford's (F) - Get Report market clocks in at $44.7 billion, while General Motors (GM) - Get Report stands at $51.9 billion.
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