Us Stocks Turn Higher

last updated on

Us Stocks Turn Higher

US Stocks Turn Higher On Tech Stocks Rally

Most of the US stocks ended Friday's session with gains & all of it was driven by the mega-cap tech stocks. A lot of mega-cap tech stocks released their quarterly earnings such as Microsoft, Alphabet, & others.

The best part is that all of these results were positive despite the higher inflation in the country. These results uplifted the tech stocks along with other US stocks as well.

Alphabet Announces $70 Billion Share Buyback Program

Another major development was the first-ever dividend announced by Alphabet. The company has also announced a shares buyback program worth $70 billion, along with its results for Q1 2024.

After the announcements, Alphabet stock gained a 10% upside and reached new highs. In the process, Alphabet's market value also crossed the threshold of $2 trillion.

Similarly, Microsoft also gained 1.8% in the stock market after the announcement of Q3 profit and revenue numbers. Most of the gains seen in Microsoft were driven by the integration of AI into the cloud services.

Meanwhile, other growth stocks such as Nvidia, Amazon, and Meta Platforms also gained 5.8%, 3.4%, and 0.4%, respectively. However, a few mega-cap stocks like Tesla and Apple recorded losses of 1.1% and 0.3% during Friday's session.

The S&P 500 has a total of 11 major sectors, and around 6 of them closed Friday's session in green. Some of the sectors which sent the stock market higher were technology, communication services, and consumer materials.

Another noteworthy development was that the Nasdaq and the S&P 500 index also closed one of their best weeks since November last year.

According to an analyst, the announcement by Microsoft & Google related to improved margins also helped the market to get out of fear.

It is rather surprising to see the stock market turn green at a time like this when PCE has pushed the rate cuts further down the timeline. However, it will be interesting to see whether this positive sentiment in the US stocks can continue from next week or not.

Trending Stories