Tech stocks lead Nasdaq to third straight day of gains

tech stocks lead nasdaq to third straight day of gains

Sumary of Tech stocks lead Nasdaq to third straight day of gains:

  • Tech shares led U.S. stocks higher Thursday, despite an unexpected jump in jobless claims that resurfaced some concerns about the economy and sent bond yields lower.
  • Microsoft rose 1.6% after Citi raised its price target, saying the tech giant has the potential to beat Wall Street expectations when it reports quarterly earnings next week.
  • Apple rose almost 1% after Canaccord Genuity said there was “strong demand” for Apple products ahead of its earnings next week.
  • The overall market continues to grind higher, led sometimes by value stocks when economic optimism is high and on days such as Thursday, tech shares take over the lead.
  • “That means interest rates in the bond market are too low and if we start to see the yield curve really steepen, that’s a challenge for the companies that are driven by growth, that hope they’ll make a profit in five to 10 years,” like tech stocks.
  • The 10-year Treasury yield ticked lower to 1.265% on the poor jobs data.
  • Still, a strong second-quarter earnings reporting season continues, with American Airlines posting a profit for the period, snapping a streak of five straight quarters with losses, thanks to the recovery in travel demand and government aid.
  • Similarly, Southwest Airlines reported a quarterly profit, but the carrier’s stock closed 3.4% lower.

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