Shares of technology companies rose sharply, as traders sought out higher risk, growth sectors, emboldened by promising economic data.
The Technology Select Sector SPDR exchange-traded fund, which tracks the tech industry group of the S&P 500, is more than 20% above its bear-market low, entering bull-market territory.
After a round of quarterly earnings that were not as hard hit by macroeconomic issues as feared, and as inflation appears to ebb, investors are once more clamoring for mega-cap tech stocks such as Apple, Alphabet and Amazon.com. The technology sector saw its largest in-flows in eight weeks in the latest investor survey from strategists at brokerage Bank of America Securities.
Investors small and large appear to be chasing July gains, said one strategist. “The fear of missing out, the FOMO, actually takes hold (and) envelopes all types of investors,” said Quincy Krosby, chief global strategist at brokerage LPL Financial.
Drivers for DoorDash are delivering items to consumers purchased online from Facebook Marketplace as part of a new partnership between the delivery app and Facebook parent Meta Platforms.
Write to Rob Curran at [email protected]