Tech stocks got off to a good start Thursday morning. All three major U.S. stock indexes were up about 1% in the first few minutes of trading. The first estimate of fourth-quarter gross domestic product growth came in at 6.9%, well above the consensus estimate of 5.6%. New claims for unemployment benefits totaled 260,000, in line with analysts’ estimates.
Federal Reserve Chair Jerome Powell’s remarks Wednesday raised yields on short-term bonds and, to many analysts, indicate that the Fed is looking at five rate hikes this year. The first increase is still expected in March.
Energy stocks led all sectors with a gain of about 1.9% in early trading Thursday, while tech and materials stocks were both up 1.5%. All 11 sectors were trading in the green.
After markets close, Apple and Robinhood are among those reporting quarterly results.
Here are the five tech stocks making the biggest moves Tuesday morning:
Xilinx Inc. (NASDAQ: XLNX) traded up by about 7% after exceeding estimates on both the top and bottom lines. The company still expects to close its merger with AMD before the end of this quarter.
Netflix Inc. (NASDAQ: NFLX) has had a few rough days since announcing earnings last week. Wednesday’s announcement by Pershing Square’s Bill Ackman that he had purchased $1 billion in Netflix stock sent the stock up by about 5.6% in early trading.
Atlassian Corp. PLC (NASDAQ: TEAM) traded up about 4.4% to $305.91, in a 52-week range of $198.80 to $483.13. On Tuesday, Citigroup analysts assumed coverage of the stock with a Buy rating and a lowered price target of $430. The stock has gained about 12% since then.
Okta Inc. (NASDAQ: OKTA) traded higher by about 2.5% Thursday morning, at $182.40 in a 52-week range of $172.53 to $294.00. Citigroup initiated coverage on the stock earlier this week with a Neutral rating and price target of $215.
Intel Corp. (NASDAQ: INTC) dropped by about 6.8% in the first half-hour of Thursday’s session to trade at $48.17. The 52-week range is $47.87 to $68.49. The chipmaker beat both top-line and bottom-line estimates but issued mixed guidance for the current quarter. Intel also raised its dividend by 5% to $0.365 per share ($1.46 annually).
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