Monday, January 30, 2023
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HomeNewsBusinessWall Street rises as a result of Big Tech

Wall Street rises as a result of Big Tech

Wall Street rallied Wednesday, with megacap growth stocks rising on a moratorium on rate hikes and positive earnings reports also encouraged investor buying. The benchmark 10-year US Treasury yield fell from a multi-year high set in the previous session, stabilizing global market sentiment and spurring demand for growth stocks. Meta Platforms rose about 5% and is on track to finish four sessions of steep declines, losing nearly a third of its value during that time.

The Dow Jones Industrial Average rose 0.88% to 35,773.63 points and the S&P 500 rose 1.40% to 4,584.77 points. Nasdaq Composite rose 1.86% to 14,458.06. Investors await Thursday’s consumer price data for new clues about the Federal Reserve’s rate hike plans. Last week’s unexpectedly strong jobs data raised concerns about a more aggressive move by the central bank. Inflation is projected to be 7.3%, the highest in his 40 years.

The biggest boost to the S&P 500 was his Nvidia, up more than 5%, and Microsoft, his 1.7% gain. All 11 of the S&P 500’s major sector indices rose, six of them up more than his 1%. “The bond market basically says there is an upper or limit to the likelihood that the Fed will hike rates. Portfolio strategists at Ingalls & Snyder in New York: The Nasdaq, a tech stock that has been plagued by fears of rising interest rates, is down nearly 8% so far this year after gaining nearly 21% in 2021.

Atlanta Federal Reserve Bank President Bostic said the U.S. economy may be headed for a slowdown in inflation. Of his 316 companies in the S&P 500 that have reported earnings so far, 78% beat analysts’ expectations, according to Refinitiv data. Chipotle Mexican Grill beat expectations for revenue and sales, up 10%, while KFC parent Yum Brands beat expectations for a 2.5% rise in sales. Enphase Energy Inc jumped more than 11% on positive results, adding more than 5% each to other solar stocks such as SunPower Corp and SolarEdge Technologies Inc.

CVS Health Corp fell 5.4% as its 2022 earnings forecast fell short of Wall Street expectations. Rising stocks dominated on the NYSE with his 3.38-to-1 ratio. The move dominated on the Nasdaq with a ratio of 2.57 to 1. The S&P 500 has made 39 new 52-week highs and no new lows. The Nasdaq Composite posted 48 new highs and 42 new lows.

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  • Wall Street rises as a result of Big Tech
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