From Nasdaq: 2024-04-29 11:59:00

The S&P 500 and Nasdaq Composite Index had their biggest week since November 2023, gaining 2.7% and 4.2%. Google and Microsoft’s strong earnings boosted confidence in tech stocks. Meanwhile, Meta Platforms issued weak revenue guidance. Five tech ETFs outperformed, with Global X Blockchain ETF, VanEck Vectors Digital Transformation ETF, iShares Blockchain and Tech ETF, Invesco PHLX Semiconductor ETF, and SPDR S&P Semiconductor ETF all gaining in double-digits.

Alphabet saw a 10% rise in shares, surpassing $2 trillion in market cap and announcing a stock repurchase program. Earnings per share were $1.89, beating estimates, with revenues reaching $67.59 billion. Microsoft also beat earnings and revenue estimates, with earnings per share at $2.94 and revenues at $61.9 billion. The software maker is emphasizing AI transformation through new offerings like Microsoft Copilot.

Tech sector growth is supported by hopes of interest rate cuts, making borrowing cheaper, and expanding AI applications offering new opportunities. The global digital shift is driving e-commerce growth. The rapid adoption of cloud computing, big data, IoT, wearables, VR, drones, AI, and blockchain will continue to fuel the sector’s rally.ETFs seeing gains include Global X Blockchain ETF, VanEck Vectors Digital Transformation ETF, iShares Blockchain and Tech ETF, SPDR S&P Semiconductor ETF, and Invesco PHLX Semiconductor ETF. These ETFs offer exposure to companies at the forefront of digital asset transformation, blockchain technology, and semiconductor industry growth.



Read more at Nasdaq: Big Tech Powers S&P 500’s Best Week of 2024: 5 ETF Winners