U.S. stock indexes were buoyed by technology stocks on Monday as concerns over rising inflation saw investors shift to economically resilient sectors ahead of major retail earnings and data this week. The S&P technology and communication services sectors were the best performers in early trade, adding 0.4 percent and 0.6 percent, respectively, while Meta Platforms Inc. led gains among FAANG stocks with a 3.2 percent rise. The three major Wall Street indexes had fallen between 0.3 percent and 0.7 percent last week on concerns over high inflation and weakening consumer sentiment. Investors had begun pivoting into growth sectors, mainly technology, towards the end of the week. “(What) you’re seeing with the value-growth trade is a term that you use in football—happy feet. Investors are ready to sort of abandon one and switch into the other when they get some kind of news on inflation,” said Robert Pavlik, senior portfolio manager …
Wall Street Supported by Tech; Tesla Extends Losses
November 15, 2021
admin
Business & EconomyBusinesses in COVID-19Companieseconomic policiesEconomieseconomyGold & CommoditiesinflationInvestmentLocal NewsMarket WatchMarketsMedia & Big TechNew YorkNY NewsRegional-Local NewsstrengthTechteslaUSUS NewsWall Street
0 Comment