The U.S. stocks are looking to end the session higher as the tech sector reported outstanding results. The earnings season is looking t push local stocks as they tally greater results than expected. The mining sector also pushes the stocks on the bullish ground.
The tech sector continues to report strong first quarter performance. The earnings season is looking to put upbeat figures on the boards, and Apple is looking to lead the charge. The tech giant opens higher after they reported their upbeat performance.
Furthermore, the booming economy is looking to take the inflation rate on a rapid phase. The Federal Reserve is looking to capitalize on the expanding inflation. The Fed is expected to push interest rate hike on a swifter juncture.
The Federal Open Market Committee or most commonly known as the FOMC is set to conclude its two-day meeting today. The committee is looking to report on the country’s ongoing economic growth, and a monetary policy is expected to be announced.
Apple, Tech Stocks Performance
Going back to the tech stocks, Apple took the headlines as it managed to outperform the weak forecasts and expectations. The iPhone maker managed to report upbeat reports as astonishing iPhone X sales surprises the market.
Apple managed to hit a 4.4% increase in its shares after reporting the tremendous iPhone sales. The tech giant managed to join the numerous tech stocks that reported upbeat earnings and also securing a spot as one of S&P 500’s top performer.
The overall performance of the tech sector was nothing short of stellar as it reports various upbeat reports. Chipmakers such as the STMicroelectronics, Infineon, BE Semiconductor, and ASML also tallied great results. Garnering a 1.1% to 3.8% increases respectively.
US Stocks Opens Higher on Tech Sector’s Bullish Reports
As a result of the overwhelming tech sector performance, local indices managed to soar to greater levels as the market closes. The likes of Dow Jones industrial, Nasdaq 100, and the Standard and Poor 500 managed to close on a positive note. They also managed to enter today’s market session on positive figures.
Starting with the Dow Jones, the index tallied a massive 3% increase on the market. It managed to open today with an additional 20.995 points for the latter session. The S&P 500 and Nasdaq managed to tally greater results as the earnings report boosts its performance.
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