Tech stocks struggled to find direction Tuesday at the end of a difficult month for the sector.
of
Nasdaq Composite
Despite a strong showing in recent days, the index is down 2.4% in April and on track to end its five-month winning streak. It was the tech index's worst month since October, when it fell 2.8%. Nasdaq 100 futures rose 0.1% in early trading.
Whether May gets off to a good or bad start will likely be determined by whether stocks, including Amazon, post big gains after today's trading.
,
AMD
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super microcomputer and
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Amazon
's
The stock rose 0.7% before closing, while the other two stocks were flat.
Logitech International showed some hope on the earnings front as the computer peripherals maker comfortably beat earnings and sales estimates for the fourth quarter. CEO Hanneke Faber said the company will start the new financial year with profitable growth supported by three long-term trends: innovative AI, gaming and new ways of working.
logitech
's
Swiss-listed stocks rose 8.9% in early European trading, while U.S.-listed stocks rose 8.4% in pre-market trading.
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Samsung Electronics' earnings could also bode well for the U.S. tech sector, as the company announced a 933% increase in first-quarter operating profit.samsung
's
The memory chip business returned to profitability, and importantly, the company showed strong demand for generative AI in the second quarter and second half of the year. Shares rose 1% in South Korean trading.
Microsoft continues to expand its global deployment of artificial intelligence, announcing on Tuesday plans to invest $1.7 billion in Indonesia over the next four years to build new cloud and AI infrastructure. Shares were down 0.2% in pre-market trading.
Email Callum Keown at callum.keown@barrons.com.
