Tech Sector Drives Stock Market Gains as Cruise Stocks and Telehealth Companies Surge in Value

On Monday, May 20, 2024, the tech sector’s gains propelled both the Nasdaq and S&P 500 to new intraday highs. While the Dow experienced a slight decline on that day, it was still a positive sign for the overall market.

Among the notable gainers in the S&P 500 were cruise stocks, with Norwegian Cruise Line leading the way. The company raised its full-year guidance due to strong demand, which positively impacted its stock price. Other cruise stocks, such as Carnival and Royal Caribbean Cruises, also saw increases following this news.

Additionally, engineering and manufacturing company Jabil saw a boost in their stock price after announcing the appointment of Michael Dastoor as the permanent CEO. Other executive changes were made as a result of an investigation into corporate policies.

One of the most significant gainers was telehealth company Hims & Hers Health, whose stock price skyrocketed after unveiling plans to offer access to GLP-1 injections for weight-loss prescriptions. This move was seen as a strategic decision to provide customers with alternative medications to popular brands like Ozempic and Wegovy, which are currently facing shortages and high costs.