Tech stocks got off to a better start Tuesday morning. The Nasdaq was up about 0.3%, while the Dow Jones industrials and the S&P 500 both traded around 0.1% higher. The Nasdaq closed up 3.4% on Monday, as investors and managers rebalanced their portfolios, adding back some relatively inexpensive tech stocks after the recent sell-off.
The ISM manufacturing index for January came in at 57.6% Tuesday morning. The consensus estimate called for the index to come in at 57.5%, down from 58.7%. Any number above 50% indicates that the economy is expanding.
At the opening bell, the three major indexes opened mixed, with the S&P 500 up about 0.1%, the Nasdaq down about 0.2% and the Dow up about 0.2%.
Tech stocks (down 0.4%) were the only sector trading in the red early Tuesday. The industrials and materials sectors were up 1.2% and 1.0%, respectively, shortly after the opening bell.
Here are the five tech stocks that were making the biggest moves Tuesday morning.
Marvell Technologies Inc. (NASDAQ: MRVL) traded down by around 2.7%, at $69.69 in a 52-week range of $37.92 to $93.85. The company had no specific news.
Applied Materials Inc. (NASDAQ: AMAT) stock dropped by about 2.6% to trade at $134.68, in a 52-week range of $99.82 to $167.06. Competitors KLA and Lam Research also traded about 2% lower in early action. There was no specific news on any company, but general concern over lingering supply chain issues could be playing a role here.
Zoom Video Communications Inc. (NASDAQ: ZM) traded down by about 1% to $152.90, in a 52-week range of $134.70 to $451.77. The company had no specific news.
Splunk Inc. (NASDAQ: SPLK) traded down about 0.8%, at $122.93 in a 52-week range of $105.45 to $178.18. As with the others, there is no specific news on the company Tuesday morning.
Alphabet Inc. (NASDAQ: GOOGL) traded up about 0.7% to $2,723.84, in a 52-week range of $1,906.37 to $3,019.33. The search giant reports quarterly earnings after markets close.
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