Shares of Facebook, Alphabet and Microsoft each hit all-time highs Monday morning as investors rotated away from cyclical stocks and poured back into growth.
Facebook surged as much as 3.3% to briefly trade at $308.37 per share. Alphabet gained as much as 3.2% to hit $2,198.82 apiece, while Microsoft was up 2.6% to trade at $248.57.
The gains came amid broader market sentiment, boosted by strong U.S. job growth last month. The tech-heavy Nasdaq Composite gained 1.2%, while the Dow Jones Industrial Average rose 340 points to an all-time high.
The tech companies’ peers also were boosted early Monday. Shares of Apple were up as much as 2.1%, while Amazon was up 1.5%.
Tesla, meanwhile, continued to pop on production and delivery figures that broadly beat expectations. The company’s stock was up as much as 7%.
Alphabet was also likely boosted after the Supreme Court sided with Google against Oracle in a long-running copyright dispute over the software used in Android. Morgan Stanley also wrote in a Monday note that its analyst, Brian Nowak, said the Google parent company was “a favored pick at ~13x ’22 EBITDA with several upside drivers — dark horse travel trade, surging YouTube trends, continued Google Cloud Platform top-line traction, and potential margin upside with opex discipline.”
