The Nasdaq 100 index is Invesco QQQ Trust (NASDAQ:QQQ) closed 1% higher on Monday, snapping a three-day losing streak, as traders braced for a crucial week of earnings reports from some of the tech sector's most influential companies. stopped.
This week's earnings lineup features four giants of the Magnificent Seven: tesla company (NASDAQ:TSLA) will report on Tuesday. Meta Platforms Co., Ltd. (NASDAQ:META) Wednesday, and both Microsoft Corporation (NYSE:MSFT) and alphabet Co., Ltd. (NASDAQ:GOOGL) is scheduled for Thursday.
PDD Holdings Co., Ltd. (NASDAQ:PDD) led the Nasdaq 100's gains on Monday with a gain of more than 9%; Nvidia Inc. (NASDAQ:NVDA) rose 4.4% after experiencing a 10% plunge on Friday.Chip sector represented by VanEck Semiconductor ETF (NYSE:SMH) showed strength on the day, moving up 1.9%.
Last week saw the Nasdaq 100 index's biggest weekly decline in more than 17 months, marking the index's longest losing streak since December 2022.
Also read: 'Apple shot itself in the foot' Telegram founder says Cupertino's iPhone market share in China 'continues to shrink'
UBS warns tech sector
Chief U.S. Equity Strategist at UBS Group AG Jonathan Golub He called for caution in tech stocks.
As reported by Bloomberg, UBS has downgraded its stance on the “big six” tech giants.Alphabet Co., Ltd., Apple. (NASDAQ:AAPL), Amazon.com Inc. (NASDAQ:AMZN), Meta Platforms Co., Ltd.,, Microsoft Corporationand Nvidia Inc.—From Overweight to Neutral as earnings momentum slows.
Golub suggested that the weak momentum in tech earnings will be driven by broader cyclical challenges, rather than concerns about valuations or the outlook for the artificial intelligence industry.
Also read: Microsoft is “uniquely positioned to drive Gen-AI revenue,'' Goldman Sachs says ahead of third-quarter results
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This article originally appeared on Benzinga.com as the Nasdaq 100 breaks a three-day losing streak and tech stocks recover ahead of the earnings week.
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