The S&P 500 rises as the bulls raise their bets on Investing.com technology

[ad_1]
By Yasin Ebrahim
Investing.com – The S&P 500 rose on Friday, leading to shares of the technology, despite data showing that consumers are increasingly wary of inflationary pressures.
A 0.65% increase, an additional 0.45%, or 161 points, the Nasdaq rose 0.86%.
Shares of the technology boosted the high-tech Meta Platforms Inc. (NASDAQ :), formerly known as Facebook, and Alphabet Inc. Class A (NASDAQ :), Google’s parent, rose more than 3% and 1%, respectively.
Along with the rise of big technology, a rebound in semiconductor stocks a day earlier pushed a broader sector of the technology to weakness, including the rise of Seagate Technology PLC (NASDAQ :).
Seagate rose more than 6% for records as investors continue to bet that the storage company will increase demand for Meta’s investment to build the metaverse platform.
Nvidia Corporation (NASDAQ :), however, was performing poorly in the broader chip sector after Wedbush dropped to a neutral level, citing valuation concerns.[W]However, we remain very good in terms of NVDA’s short-term outlook and longer-term options … we can’t just justify raising our multiple to levels that would continue to justify a performance, so we’re moving to a neutral valuation, even at our target price. be. lifts for $ 300 (from $ 220), ”Wedbush said in a statement.
Energy blushed as oil prices fell and will fall weekly in Europe following Covid-led blockades amid concerns about demand forecasts.
In healthcare, Johnson & Johnson (NYSE 🙂 was in the spotlight after announcing plans to turn its consumer health business into a separate company. Its shares rose more than 1%.
Blink Charging Co. (NASDAQ :), meanwhile, rose more than 11% after reporting revenue that exceeded Wall Street expectations.
Lordstown Motors Corp. (NASDAQ 🙂 had a tighter-than-expected third-quarter loss and delayed the new production schedule, causing numerous declines on Wall Street. Its shares fell 17%. “Although Edurance continues to like long-term forecasts, to reduce part of the EV truck pickup market, with production lagging behind other quarters, we have lowered the RIDE to a neutral level,” BTIG said in a statement.
U.S. Treasury yields, which have cooled the latest shake-up, have recovered some losses, after data show that consumer sentiment has fallen amid concerns about high inflation.
The university index fell to 66.8 from 71.7 in the November preliminary survey, the weakest reading since November 2011. Economists, however, quickly underestimated the potential decline in consumer spending.
“We would be surprised if they started to soften spending on this decline in confidence, which is ultimately what matters. Houses are generally full of cash, and the wealth of their net balance has increased since Covid began. Pantheon Macroeconomics said.
Fusion Media or anyone involved with Fusion Media will not be liable for any loss or damage as a result of relying on the information contained in the data, estimates, charts and buy / sell signals contained on this website. Please be fully informed about the risks and costs associated with trading in the financial markets, which is one of the most risky forms of investment possible.
[ad_2]
Source link