Big Tech stocks add $291 billion in market value in one day

Key Points
  • Big Tech companies added $291.66 billion in combined market valuation Monday.
  • Amazon led the rally, adding $116.92 billion in market cap. 
  • Tesla stock also popped,adding $26.36 billion to its market cap. 
Jeff Bezos, founder of Amazon
Katherine Taylor | Reuters

Shares of Amazon, Tesla, Microsoft, Apple, Alphabet, Facebook and Netflix popped Monday, adding $291.66 billion in combined market valuation. 

Tech stocks have been among the top performers during the Covid-19 pandemic, with many reaching all-time highs in recent weeks despite a broad economic downturn across the globe. 

Amazon stock rose 7.93% after a Goldman Sachs analyst hiked his price target to $3,800 per share, which ties it for the highest target on Wall Street. The company added $116.92 billion in market valuation Monday, bringing Amazon's market capitalization to $1.59 trillion.

Tesla stock also rose 9.47%, as investors prepare for the company's June earnings later this Wednesday, adding $26.36 billion to its market cap. 

Microsoft, which closed 4.3% higher, added $66.82 billion to its market cap. Apple, which closed up 2.11%, added $35.53 billion. Alphabet, up 3.1%, added $32.08 billion. Facebook added $9.67 billion after closing up 1.40%, while Netflix, up 1.91%, added $4.28 billion in valuation.

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CNBC Tech Check Evening Edition: July 20, 2020
CNBC Tech Check Evening Edition: July 20, 2020