Shares of technology companies rose slightly, rebounding after an early selloff on rate fears.
Comments from Federal Reserve Bank of Chicago President Charles Evans indicating that he would support a smaller rate increase lifted rate-sensitive tech stocks, said one strategist.
“Basically any hope that rates won’t be as high gives [a lift] to the market,” said JJ Kinahan, chief executive of IG North America.
“Many people were pricing in the worst-case scenario. Expectations are coming off that. It doesn’t mean you’re going to say, suddenly, it’s all sunshine and candy,” Mr. Kinahan said.
Shopify named Jeff Hoffmeister, an investment banker, as its next chief financial officer, ahead of planned job cuts at the ecommerce concern.
Apple’s iPhone 14 launch will have a limited impact on smart-phone sales for the tech giant, said analysts at one brokerage.
“While the consumer spending environment remains challenging (and a debate that is still unresolved)…Apple remains best positioned to weather the storm,” said analysts at brokerage Morgan Stanley, in a note to clients.
“While the iPhone 14 upgrades are evolutionary, they build on Apple’s unique integration of hardware and software.”
Write to Rob Curran at [email protected]
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