Tech stocks lift amidst early 2024 challenges | InterPrac

Tech stocks lift amidst early 2024 challenges

Tech stocks lift amidst early 2024 challenges


The S&P 500 trimmed an earlier decline Tuesday, boosted by tech shares, as Wall Street looked to regain its footing after a tough start to 2024.

The broad market index closed lower by 0.15 per cent to end at 4,756.50. At its lows of the day, the benchmark had dropped 0.7 per cent. The Dow Jones Industrial Average lost 157.85 points, or 0.42 per cent, to close at 37,525.16 after being down by roughly 310 points at the session lows. The Nasdaq Composite recovered from a nearly 0.9 per cent slide and eked out a gain of 0.09 per cent, settling at 14,857.71.

Nvidia traded 1.7 per cent higher, reaching a fresh all-time high. Amazon was also up more than 1.5 per cent along with Alphabet. Shares of Juniper Networks also popped almost 22 per cent on Tuesday after a report in The Wall Street Journal said Hewlett Packard Enterprise could announce a deal to acquire the networking hardware company for about $13 billion as soon as this week. The deal would help bolster the nearly 100-year-old technology company's artificial intelligence offerings.

Tech, the big outperformer for 2023, struggled out of the gate in 2024, putting pressure on the broader market. Year to date thus far, the space is down more than 1 per cent. Overnight however, it was one of the top performers, closing 0.23 per cent higher. Energy was the worst performer.

Those moves come after a strong trading session for equities. The S&P 500 and the Nasdaq Composite on Monday rallied as mega-cap tech stocks bounced from last week’s declines.

Later this week, investors will parse through a pair of key inflation readings to gain clarity into the path forward for rate cuts from the Federal Reserve. The December consumer price index is set for release Thursday, followed by the producer price index on Friday.

Companies reporting earnings this week include Taiwan Semiconductor Manufacturing Company and Infosys on Thursday, as well as JPMorgan Chase, UnitedHealth, Bank of America and Delta Air Lines on Friday, among other financial heavyweights.

Turning to commodities, during Q4/2023, Europe generated more electricity from wind than coal, emphasising progress in energy transition. Sustaining clean energy momentum depends on key coal-consuming countries (Germany, Poland, Turkey) and their economic conditions.

Oil prices rebounded on Tuesday, with WTI futures up 2.08 per cent at $72.24 per barrel and Brent futures gaining 1.76 per cent at $77.46 per barrel, following a 3 per cent drop on Monday due to Saudi Arabia's price cuts and ongoing geopolitical tensions.


The SPI futures are pointing to a 0.16 per cent fall.


One Australian dollar at 8:30 AM was buying 66.87 US cents.


Gold has gained 0.09 per cent. Silver has lost 0.71 per cent. Copper has lost 1.27 per cent. Oil has gained 2.08 per cent.

Figures around the globe

European markets closed lower yesterday. London’s FTSE lost 0.13 per cent, Frankfurt lost 0.17 per cent, and Paris closed 0.32 per cent lower.

Turning to Asian markets, Tokyo’s Nikkei gained 1.16 per cent, Hong Kong’s Hang Seng lost 0.21 per cent and China’s Shanghai Composite closed 0.2 per cent higher.

Yesterday, the Australian share market closed 0.93 per cent higher at 7,520.52.

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.


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Copyright 2024 – Finance News Network

Source: Finance News Network

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