Tech stocks lifted the S&P 500 into green Thursday as the market wrapped up the short trading
week on a high note despite signs of a weakening labor market.
The S&P increased 0.36% which is 4,105.02. This is after losing 0.50%. Nasdaq composite increased 0.76% which makes it 12,078.96. The Dow Jones industrial average increased by 2.57 points which makes it 33,485.29.
S&P 500 decreased by 0.1%. Nasdaq decreased by 1.1% while the 30-stock Dow increased 0.6%.
“The Fed built a wall of interest rates and now the economy is running into it,” Jamie Cox said.
Last week, the semiconductor sector concluded its most successful quarter since 2020, as companies like Nvidia achieved their best quarterly performance since 2001.
The iShares Semiconductor ETF (SOXX) has already surged over 20% this year, boosted by investors’ growing interest in technology and artificial intelligence as they seek shelter from potential economic uncertainty.
This momentum highlights the increasing significance of semiconductors in driving innovation and the shift towards automation in numerous industries, fueling optimism and attracting investment in this thriving sector
AMC entertainment increased 25% on Thursday.
Katai decreased their price target by $1 to $574, which is more than 15%.
Costco shares decreased 2%.
The VanEck robotics is going to be trading under the ticker IBOT and it would have a management fee of 0.47%.
“We’re trying to bring pure-play strategies to market. A lot of what you see out there might be a little bit watered down, might not be pure play. So we try to have really strict rules about who comes in the portfolio and who comes out.” Said Jp lee.
“This strategy is really focused on industrial automation and robotics. So we’re not including or really focused on consumer applications,” Lee continued.
The major averages decreased at the start of Thursday’s season, Dow Jones lost 0.2%.
S&P 500 decreased 0.3% and Nasdaq decreased 0.7%.
Costco wholesale decreased 1.1%.
Pinterest shares increased 0.9% in the Thursday trade. India central bank has held its repurchase rate 6.5%. The Indian rupee weakened by 0.15% which makes a rupee 82.04 U.S dollar. Futures of Dow, S&P 500 and nasdaq decreased 0.1%
- Published By Team Nation Press News