The mood in the tech industry has turned significantly positive this week, and that optimism looks set to continue early Tuesday.
The tech-heavy Nasdaq Composite Index rose 0.5% early Tuesday after rising 1.1% on Monday, snapping a six-day losing streak.
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The mood in the tech industry has turned significantly positive this week, and that optimism looks set to continue into early Tuesday.
focused on technology
Nasdaq Composite Index
It rose 0.5% early Tuesday after rising 1.1% on Monday, snapping a six-day losing streak.
The so-called Magnificent 7 fueled the rally into its second day, with Meta Platforms up 1.7% and Nvidia up 1.5%. Chipmaker Nvidia plunged 10% on Friday, but rebounded 4.4% on Monday.
Nvidia led the overall market recovery on Tuesday, but it also led the chip sector's continued recovery. Advanced Micro Devices rose 1.8% and Micron Technology rose 0.7%.
Palantir Technologies snapped a six-session losing streak on Monday, rising 1.6% in early trading and on track to start a winning streak.
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Microsoft's stock rose 0.6% after the tech giant unveiled a small, cost-effective artificial intelligence language model called Phi-3-mini. The company said the smaller model can perform simpler tasks, making it easier for companies with limited resources.
Spotify shares rose 14% in early trading after the music streaming service beat profit estimates in the first quarter despite reporting weaker-than-expected user growth.
However, not all tech stocks joined the rally. Apple shares were flat after a new study found iPhone sales in China fell 19% in the first quarter.
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Email Callum Keown at callum.keown@barrons.com.
