Tuesday, May 21, 2024
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Tesla And Qualcomm Shares Rise As Nasdaq Futures Recover From Last Week’s Loss

As trading for the week got underway, stock futures increased as investors piled into tech stocks following recent setbacks.

Futures for the Nasdaq 100 rose 0.7%. In the meantime, the S&P 500 futures increased by 0.4% while the Dow Jones Industrial Average advanced 61 points, or 0.2%.

After Morgan Stanley raised the stock and forecasted a sizable surge due to advancements with its autonomous software, Tesla climbed 6% in premarket trade. After Qualcomm said Monday that it will provide Apple with 5G modems for handsets through 2026, the semiconductor company’s shares increased by more than 8%.

The tech shares in the S&P 500 that make up the Technology Select Sector SPDR fell 1.5% in August and another 1.6% this month through Friday. On a yearly basis, the ETF has roughly doubled.

Positive attitude The Wall Street Journal’s Sunday story that Fed members were in agreement not to hike rates when the bank meets the following week benefited Monday. According to early Monday Fed futures trade, 93% of the time the Fed will keep interest rates unchanged on September 20. The WSJ story stated that it is uncertain whether the Fed will raise rates again this year.

Source (CNBC)

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