June 24, 2022

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Tech Stocks Leading Upward Move On Wall Street

2 min read

Stocks have moved mostly higher over the course of the trading day on Monday, adding to the moderate gains posted in the previous session. With the upward move, the major averages have further offset the sell-off late in the session last Thursday.

Currently, the major averages are all in positive territory, with the tech-heavy Nasdaq outperforming its counterparts. While the Nasdaq is up 214.47 points or 1.5 percent at 14,475.97, the S&P 500 is up 21.60 points or 0.5 percent at 4,567.46 and the Dow is up 22.29 points or 0.1 percent at 34,840.56.

As reflected by the standout gain being posted by the Nasdaq, technology stocks have helped lead the way higher on the day.

Shares of Twitter (TWTR) are soaring 30.3 percent after a Securities and Exchange Commission filing revealed Tesla (TSLA) CEO Elon Musk has taken a 9.2 percent stake in the social media giant.

Significant strength is also visible among computer hardware stocks, resulting in the 1.6 percent gain being posted by the NYSE Arca Computer Hardware Index.

Within the hardware sector, computer peripheral maker Logitech (LOGI) is posting a standout gain after Goldman Sachs upgraded its rating on the company’s stock to Buy from Neutral.

Semiconductor and biotechnology stocks have also moved to the upside on the day, with the Philadelphia Semiconductor Index and the NYSE Arca Biotechnology Index both climbing by 1 percent.

Outside of the tech sector, retail stocks are turning in a strong performance in afternoon trading, driving the Dow Jones U.S. Retail Index up by 1.6 percent.

Meanwhile, gold stocks have come under pressure over the course of the trading day, dragging the NYSE Arca Gold Bugs Index down by 1.8 percent. The index is giving back ground after ending last Friday’s trading at a ten-month closing high.

The pullback by gold stocks comes despite an increase by the price of the precious metal, as gold for June delivery is climbing $11.30 to $1,935 an ounce.

Utilities stocks are also giving back ground following…

2022-04-04 13:30:23

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