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In intraday trading on Monday, tech stocks saw significant gains, with the S&P 500 tech sector up over 1% at 11:45 a.m. ET. The broader S&P 500 was also up by 0.6%, and the Nasdaq rose by 0.7%.
Micron Technology (MU) shares gained after receiving an upgrade from Baird, resulting in a rise of 4.5% to $120. Bank of America raised its price target for Reddit (RDDT) from $46 to $50 following an increase in advertising and data licensing revenue expectations for the first quarter. Additionally, Palantir (PLTR) shares increased by over 6% to $24.74 ahead of its earnings report later in the day, with analysts predicting year-over-year growth due to increased demand for its AI platform from government and commercial customers.
In other news, Microsoft (MSFT) reported strong earnings results, with revenue increasing by 13% compared to the same period last year. Meanwhile, Tesla (TSLA) shares were down slightly after reporting lower-than-expected earnings for the quarter.
Looking ahead, investors are eagerly awaiting the release of Apple’s quarterly earnings report on Wednesday evening. It is expected that Apple will see continued growth in sales of its iPhone and Mac products, as well as strong demand for its new Apple Watch Series 6.
Overall, tech stocks continue to perform well amidst global economic uncertainty due to COVID-19 pandemic’s impact on businesses worldwide. With major companies like Microsoft and Tesla showing solid performance and growing demand for their products and services, it seems that the future looks bright for this sector going forward into Q3 earnings season.