Tech stocks just finished a five-week rally — the longest stretch since market peak in November 2021
Publishing timestamp: 2023-02-03 17:29:22
Summary
The Nasdaq closed out its fifth straight weekly gain, longest such streak since November 2021. Despite disappointing earnings reports from Alphabet, Amazon, Apple, and Meta, investors are more focused on cost-cutting efforts companies are now implementing. Meta was the top performer among the group this week, with its stock soaring 23%. CEO Mark Zuckerberg's pronouncement in earnings statement that 2023 would be "Year of Efficiency" and his promise that "we're focused on becoming stronger and more nimble organization" was a game-changer. Semiconductor stocks such as AMD, Intel, Texas Instruments, and Nvidia also notched nice gains.
Sentiment: MIXED
Tickers: PINS, AMZN, TXN, NET, AMD, META, .IXIC, NVDA, HOOD, RIVN, AAPL, GOOGL, MSFT, INTC, AFRM,
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