Tech stocks, including Alphabet, Nvidia, and Reddit, saw gains while CrowdStrike faced uncertainty

From Nasdaq: 2024-07-22 15:55:39

Tech stocks surged on Monday afternoon, with XLK up 2.1% and XSD up 3.5%. The Philadelphia Semiconductor index also climbed 3.5%. Alphabet (GOOG) is expected to post strong Q2 results, driving shares up by 2.7%.

CrowdStrike (CRWD) faces uncertainty in its financial outlook due to a recent tech outage, but analysts believe the company can mitigate long-term damage. CrowdStrike shares plummeted by over 13%. Nvidia (NVDA) is developing a new AI chip for the Chinese market to comply with US export controls, leading to a 4.7% increase in shares.

Reddit (RDDT) shares surged by 5.6% after news of a partnership with major sports leagues for content. The collaboration with the NFL, NBA, and MLB boosted investor confidence in the social media platform’s growth potential.



Read more at Nasdaq: Sector Update: Tech Stocks Gain Late Afternoon