Rotation out of tech stocks short-lived; mega-cap tech companies report strong earnings.

From Nasdaq Corporation

July 25, 2024 10:20 AM:

The rotation out of technology stocks seems short-lived as mega-cap tech companies report strong second-quarter earnings. Tech stocks remain strong growth options, driving innovation and market performance. Analysts upgrade Coinbase Global to a buy with a $345 price target, citing regulatory improvements and new ETFs driving trading activity.

Amazon excelled with $14.2 billion in sales during its Prime Day event, up 11% from last year. Back-to-school and electronics purchases led the way, with shoppers spending more per order. Amazon reports earnings on August 1, with Prime Day generating significant revenue. Stock has grown 45% in the last year.

Netflix exceeded Q2 earnings expectations with a 34% increase in ad-supported memberships. With revenue hitting $9.56 billion, total memberships rose to 277.65 million, surpassing analyst estimates. Advertising revenue and growth in ad-supported tiers boost Netflix. Stock has grown 50% in the last year and 37% this year.

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