Apple Inc
AAPL
$142.99
(-0.9%)
Alphabet Inc - Class C
GOOG
$99.01
(-0.86%)
Alphabet Inc - Class A
GOOGL
$97.97
(-0.88%)
Amazon.com Inc.
AMZN
$101.95
(-1.17%)
Microsoft Corporation
MSFT
$246.97
(-0.34%)
Meta Platforms Inc - Class A
FB
$196.64
(+0.51%)
Berkshire Hathaway Inc. - Class B
BRK.B
$310.25
(-0.41%)
Alibaba Group Holding Ltd - ADR
BABA
$111.08
(+0.8%)
JPMorgan Chase & Co.
JPM
$140.24
(+0.2%)
Johnson & Johnson
JNJ
$164.26
(+0.51%)
Bank Of America Corp.
BAC
$35.91
(+1.2%)
Exxon Mobil Corp.
XOM
$115.43
(-0.5%)
Wells Fargo & Co.
WFC
$47.26
(+0.82%)
Visa Inc - Class A
V
$228.74
(-0.64%)
Walmart Inc
WMT
$143.81
(-0.04%)
Shell Plc - ADR
RDS.B
$51.06
(0%)
Shell Plc - ADR (Representing Ordinary Shares - Class A)
RDS.A
$51.04
(0%)
Intel Corp.
INTC
$28.35
(+0.3%)
AT&T, Inc.
T
$20.37
(0%)
Unitedhealth Group Inc
UNH
$499.26
(+0.01%)
Cisco Systems, Inc.
CSCO
$48.10
(-1.17%)
PetroChina Co. Ltd. - ADR
PTR
$43.88
(0%)
Novartis AG - ADR
NVS
$87.68
(-3.24%)
Pfizer Inc.
PFE
$43.75
(-0.94%)
Taiwan Semiconductor Manufacturing - ADR
TSM
$93.19
(+0.5%)
No Result
View All Result
The Voice of All
  • Login
  • Home
  • Trend
  • News
    • United Stated
    • Asia
      • Japan
      • Pakistan
      • China
      • India
      • Singapore
    • Europe
      • France
      • Germany
      • Spain
      • United Kingdom
    • Canada
    • Middle East
    • Africa
  • Politics
  • Business
  • Economy
  • Culture
  • Health
  • Lifestyle
  • Sports
  • Tech
  • Videos
  • Travel
  • Blogs
Subscribe
  • Home
  • Trend
  • News
    • United Stated
    • Asia
      • Japan
      • Pakistan
      • China
      • India
      • Singapore
    • Europe
      • France
      • Germany
      • Spain
      • United Kingdom
    • Canada
    • Middle East
    • Africa
  • Politics
  • Business
  • Economy
  • Culture
  • Health
  • Lifestyle
  • Sports
  • Tech
  • Videos
  • Travel
  • Blogs
Subscribe
The Voice of All
No Result
View All Result
Home Economy

Big tech breakouts: Apple leads rally after rough start to 2022

March 30, 2022
in Economy
0 0
A A
0
VIEWS
FacebookTwitterLinkedIn

Apple rose for an 11th-consecutive day in New York to close at $178.96, roughly $3 shy of its record reached in January.

By Jeran Wittenstein and Ryan VlastelicaBloomberg

Published On 29 Mar 202229 Mar 2022

Apple Inc. extended gains on Tuesday, in a winning-streak last seen nearly two decades ago, as improved risk sentiment is sending investors back to the largest U.S. technology companies.

Apple rose for an 11th-consecutive day in New York, climbing 1.9% to close at $178.96 and roughly $3 shy of a closing record reached in early January. The longest-winning streak since 2003 sent the stock back into the green for the year, and follows similar breakouts in Nvidia Corp. and Amazon.com Inc. in the past week.

“What we’re seeing is the difference between companies that are actually performing phenomenally well and those whose future is harder to quantify,” said Ross Gerber, chief executive officer of Gerber Kawasaki Inc. “People are betting on the companies that are growing earnings the fastest over time.”

With prospects for some scaling back in the war in Ukraine boosting risk sentiment, attention turned to Apple’s profits outlook. Analysts have increased their earnings per share estimates by 8.6% so far this year, while those for the S&P 500 have gained 4.6%, according to data compiled by Bloomberg.

Investors also largely bypassed a Nikkei report about production cuts, leaving the stock within striking distance of a $3 trillion market value.

Apple, Amazon and Nvidia shares have stormed back in the past two weeks

The recent rally comes after a difficult start of the year for big tech, whose marquee names had fallen behind the broader market as the Federal Reserve signaled it would raise interest rates multiple times. Higher interest rates hurt the present value of future profits, hurting growth stocks with lofty valuations, including technology.

But investors who initially fled the sector have started to come back, enticed by discounts and the belief large technology companies with strong balance sheets and broad exposure to fast-growing markets like cloud computing can continue to churn out bigger profits.

“The selloff got overdone, and took these big tech names down to levels that were very attractive,” said David Katz, chief investment officer at Matrix Asset Advisors. “Apple is a very strong and dynamic growth company, and it remains at the better end of the pack in terms of its valuation.”

‘Confounding’ Rally

Among the other Nasdaq 100 bellwethers, Amazon rose 0.2% on Tuesday, while Alphabet Inc. advanced 0.7% and Microsoft Corp. gained 1.5%. Despite this week’s rebound, the Nasdaq 100 remains down about 7% for the year.

The rally in big tech amid rising interest rates has left some investors scratching their heads. The yield on 10-year U.S. Treasuries has advanced more than 50 basis points this month to 2.39%.

Lisa Shalett, chief investment officer of Wealth Management at Morgan Stanley, wrote that the advance in the teach-heavy Nasdaq 100 has been “confounding,” as it comes at a time of higher interest rates as the Fed takes steps to fight inflation.

To Bill Stone, chief investment officer at Glenview Trust Co., the rally in big tech is a matter of investors looking to add to portfolios after the selloff and seeking out stocks with the highest returns on capital and low amounts of debt.

“People are going shopping and they are certainly the ones that people will look at first,” he said. “We’ve been telling clients to move to quality in case we go into a recession. “Companies with low debt and high returns on capital won’t suffer as much.”

(Updates with closing prices throughout.)

–With assistance from Thyagaraju Adinarayan and Phil Serafino.

Source: Aljazeera

Tags: Business and EconomyEconomyFinancial MarketsNewsTechnologyUnited StatesUS & Canada
ADVERTISEMENT

Related Posts

Economy

US budget deficit halves, despite student loan costs

Economy

Social media platforms brace for midterm elections mayhem

Economy

EU fails to agree on cap on gas prices after 11 hour summit

Economy

Turkey accuses US of ‘bullying’ Saudi Arabia over OPEC+ oil cuts

Economy

UK reports bleak economic data, pound slips amid political crisis

Economy

Tesla stock down on growth worries

Economy

US home sales slid in September, jobless claims fall

Economy

Biden touts infrastructure investments as US midterm vote looms

Economy

Snap shares tank 25% as inflation hits ad spend

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Trending

    Latest News

    Here’s how ranked-choice voting works.

    Here’s how ranked-choice voting works.

    Jovan Adepo and Thundercat on Jazz, Superheroes and Ego Death

    You’ve Planned the Holiday Menu. Now Where Will You Put All the Guests?

    The Return of the Jaguar

    The Voice of All

    The Voice of All is an online newspaper for cosmopolitans, global entrepreneurs, management staff, influencers, and other modern leaders and everyday people who care about wider aspects and broader opinions.

    Sections

    • Africa
    • Asia
    • Business
    • Canada
    • China
    • Culture
    • Economy
    • Europe
    • France
    • Germany
    • Health
    • India
    • Japan
    • Lifestyle
    • Middle East
    • Pakistan
    • Politics
    • Singapore
    • Spain
    • Sports
    • Tech
    • Travel
    • United Kingdom
    • United Stated
    • Videos

    THE MOST IMPORTANT FINANCE NEWS AND EVENTS OF THE DAY

    Subscribe to our mailing list to receives daily updates direct to your inbox!

    • About
    • Advertise
    • Privacy Policy
    • Terms
    • Contact

    © 2022 All Rights Reserved - The Voice of All

    No Result
    View All Result
    • Home
    • Trend
    • News
      • United Stated
      • Asia
        • Japan
        • Pakistan
        • China
        • India
        • Singapore
      • Europe
        • France
        • Germany
        • Spain
        • United Kingdom
      • Canada
      • Middle East
      • Africa
    • Politics
    • Business
    • Economy
    • Culture
    • Health
    • Lifestyle
    • Sports
    • Tech
    • Videos
    • Travel
    • Blogs

    © 2022 All Rights Reserved - The Voice of All

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    This website uses cookies. By continuing to use this website, you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.