From Nasdaq: 2024-04-12 11:25:00

The technology sector gained momentum on April 11, with Select Sector SPDR Technology ETF XLK rising 2%, boosted by big tech stocks. A softer producer prices report eased fears of inflation, signaling a potential shift in interest rate expectations. Leading ETFs like FNGS, PSI, MAGS, SOXQ, and SHOC saw strong gains, with Apple (AAPL) driving the surge with a 4.3% increase. Amazon (AMZN) also hit a new all-time high, nearing a $2 trillion market value. Other tech giants like Nvidia Corp. (NVDA), Alphabet Inc. (GOOGL), and Tesla Inc. (TSLA) also saw gains, propelling the Magnificent Seven tech stocks to add over $300 billion in market cap.
The tech sector outlook remains promising as hopes of potential interest rate cuts later this year raise optimism. Low interest rates make borrowing cheaper, supporting the sector’s growth initiatives. With a strong Zacks Sector Rank, the tech sector benefits from the rapid adoption of emerging technologies like AI, cloud computing, big data, and the Internet of Things. E-commerce growth and the expanding applications of new technologies like 5G also support continued performance in the sector.
ETFs such as MicroSectors FANG+ ETN (FNGS), Invesco Semiconductors ETF (PSI), Roundhill Magnificent Seven ETF (MAGS), Invesco PHLX Semiconductor ETF (SOXQ), and Strive U.S. Semiconductor ETF (SHOC) all saw significant gains, reflecting the sector’s overall strength. These ETFs offer investors diverse exposure to key tech stocks, with certain funds like PSI and MAGS boasting Strong Buy ratings from Zacks. Investors can track the latest trends in the tech sector through these top-performing ETFs, which are fueling the overall growth in the industry.



Read more at Nasdaq: 5 ETFs Leading the Tech Rebound: Will the Rally Continue?