Technology1 min read

Nasdaq opens higher after last week's pullback

By · Published by Everything Blog

In short

Tech shares are on the rise as investors capitalize on the recent pullback, with the Nasdaq Composite Index climbing 1.1% to 26,426.22, signaling a strong rebound. Expectations are high for earnings reports from major tech companies this week.

Key points

  • Tech shares are rebounding after a week of volatility.: Tech shares are rebounding after a week of volatility.
  • The Nasdaq Composite Index is up 1.1% to 26,426.22.: The Nasdaq Composite Index is up 1.1% to 26,426.22.
  • Investors are anticipating valuable insights from earnings reports from major tech compan…: Investors are anticipating valuable insights from earnings reports from major tech companies.

Sources checked by our analysis pipeline: 1

NEW YORK: Tech shares were on the upswing early Monday (Oct 19) as investors opened the week by taking advantage of last week's pullback in the Nasdaq.

Last week's 4.5 per cent decline in the Nasdaq set the stage for a "buy-the-dip bid," said Briefing.com analyst Patrick O'Hare.

The drop was due to various worries surrounding the artificial intelligence buildout, including over the impact of higher interest rates on debt taken out to finance the boom.

About 15 minutes into trading, the tech-focused Nasdaq Composite Index was up 1.1 per cent at 26,426.22.

The Dow Jones Industrial Average shed 0.2 per cent to 51,915.41, while the broad-based S&P 500 advanced 0.5 percent to 7,695.20.

This week's earnings calendar includes reports from General Motors, Netflix, Meta and Tesla.

Original source: www.channelnewsasia.com

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