S&P 500 jumps as big tech soaks up demand, shrugs off rising Treasury yields
Investing.com — The S&P 500 rallied Monday, as big tech shrugged off an ongoing climb in yields as investors looked ahead to ongoing quarterly earnings.
The S&P 500 rose 1.1%, the Dow Jones Industrial Average rose 1% or 318 points, and the Nasdaq gained 1.3%.
Big tech, excluding Apple, were on the front foot, led by Microsoft Corporation (NASDAQ:MSFT) and Alphabet Inc Class A (NASDAQ:GOOGL) as investors shrugged of rising Treasury yields.
Apple Inc (NASDAQ:AAPL) was pressured by worries that sales of its iPhone 15 were lower in China in the earlier weeks after release, when compared to the iPhone 14, pointing to softer demand.
Sales of iPhone 15 fell by a double-digit percentage from its predecessor amid stiff competition from Huawei’s Mate 60 Pro, Jefferies said in a note.
Lululemon Athletica Inc (NASDAQ:LULU) rose more than 5% as the athleisurewear maker is set to join the S&P 500 on Wednesday, replacing Activision.
“We look upon the addition of shares to the major index as a potential catalyst for incremental interest and buying,” Oppenheimer said in a recent note.
News (NASDAQ:NWS) rose more than 3% on media reports that activist investor Starboard Value has increased its stake in Rupert Murdoch's media company amid plans to implement strategic and governance changes to boost the share price.
Starboard Value recommended selling News Corp (NASDAQ:NWSA)'s digital real estate businesses, including Realtor.com, the Wall Street Journal reported.
Charles Schwab Corp (NYSE:SCHW) reported mixed third-quarter results after revenue fell short of estimates, but the fall in deposits wasn’t as bad as feared.
Charles Schwab is down nearly 40% year to date, as the brokerage firm has suffered as client moves cash into high-yield
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