Nasdaq Hits Record High

    Driven by the positive economic data and the surge in large technology stocks such as Microsoft and Apple, U.S. stocks rose across the board, and the Nasdaq hit a new high.

    The U.S. ISM manufacturing index in July was 54.2, exceeding expectations and higher than in June, indicating a rapid expansion of manufacturing. The European PMI index returned to above the 50 line for the first time in one year and half; the slowdown in Covid-19 infections in the United States also boosted market confidence.

     Microsoft continued to discuss acquisitions with TikTok, and its stock price rose sharply by 5.60%. If the acquisition is successful, it will make up for Microsoft's gap in the social media market. Apple continued its strong post-earnings trend and drove the semiconductor industry. The tech sector was the strongest performer, rising as much as 2.5%, pushing the Nasdaq to a new high.