Tech stocks like NVIDIA and Meta are driving the market higher with increased capital spending

From Nasdaq: 2024-10-28 17:26:00

This week marks the peak of earnings season with over a third of S&P 500 companies, including top tech stocks, reporting. After a dip, big tech stocks like NVIDIA and Meta are leading the market again, with the Nasdaq hitting a new high. Microsoft, Alphabet, Amazon, and Meta increased capital spending by 49% in the first half of 2024, signaling a continued push in AI development. Investors are watching closely to see if earnings growth justifies this significant investment. NVIDIA’s upcoming earnings report may see a boost from strong results this week.ETFs like QQQM and MAGS offer exposure to tech giants, while single-stock ETFs like NVDL can be used for short-term trading. Investors can get key ETF info through Zacks’ Fund Newsletter for weekly updates on top performers.



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