Kyle Wool, non-executive chairman of Revere Securities, is discussing whether the Fed will continue to aggressively raise rates on “Varney & Co.” at the FOMC meeting in December.
Nasdaq Composite rose more than 2.5% in Thursday afternoon trading, with technology stocks such as Facebook parent company Meta Platforms, iPhone maker Apple and Windows maker Microsoft profiting on smaller deals and an improving economic outlook. I’m here.
TradeStation’s vice president of market intelligence, David Russell, said in an interview with FOX Business:
“History favors Santa gatherings, especially when volumes are low and there is no major news to trigger a sale,” he continued. “Many of the big growth stocks are wiping out most or all of the pandemic gains as investors start bottom fishing and looking for laggards to bounce back in January. It’s a seasonal pattern.”
Screens displaying financial news on the floor of the New York Stock Exchange in New York December 29, 2022. (AP Photo/Seth Wenig)
| ticker | safety | last | Change | change % |
|---|---|---|---|---|
| I:COMP | NASDAQ Composite Index | 10478.086765 | +264.80 | +2.59% |
Laid-off tech workers find new jobs quickly
Tech pioneer stocks took a big hit after announcing job cuts and hiring freezes.
Apple, Meta, and Twitter are among the companies implementing hiring freezes and laying off workers.
Apple has reportedly frozen the hiring of many non-R&D jobs as it seeks to cut its budget next year.
Microsoft laid off employees in October, anticipating slowing growth due to a sluggish PC market.
Meta Platforms was expected to begin major layoffs last month. Meanwhile, Twitter, which is no longer publicly traded, laid off half of its employees to cut costs following his $44 billion acquisition by Elon Musk.
A woman walks past a hiring sign in front of a Bob’s store in Attleboro, Massachusetts, June 2, 2022. (AP Photo/Steven Senne/AP Image)
Big Tech braces for recession due to hiring freezes, layoffs
TradeStation’s Russell also pointed to Thursday’s unemployment rate as reason for optimism.
“The rise in unemployment claims has provided some economic relief to help ease interest rate concerns,” Russell added.
Data compiled by the U.S. Department of Labor on Thursday showed workers receiving benefits at their highest level since February, suggesting the Fed’s rate hike strategy is starting to stall economic growth and inflation. doing.
Year-to-date, the tech-focused Nasdaq Benchmark remains about 33% below its redline and still outperforms the Nasdaq 100 Technology Sector Index. It has decreased by almost 40%.
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| ticker | safety | last | Change | change % |
|---|---|---|---|---|
| meta | Meta Platforms Inc. | 120.26 | +4.64 | +4.01% |
| AAPL | Apple. | 129.61 | +3.57 | +2.83% |
| MSFTMore | Microsoft Corporation | 241.01 | +6.48 | +2.76% |
Megan Henney contributed to this report.