Tech stocks got off to a strong start Wednesday morning. The Nasdaq was up about 1.5%, while the Dow Jones industrials were up about 1.0% and the S&P 500 traded up by around 1.2%. The Nasdaq closed up 0.75% on Tuesday, as investors and managers got that old FOMO feeling. In the first few minutes of Wednesday’s trading, the Nasdaq dipped a bit from its opening level.
The weekly report on oil and gas inventories will be released Wednesday morning. The consensus estimate calls for an increase of 1.83 million barrels. After markets closed on Tuesday, the American Petroleum Institute reported a decline of 1.65 million barrels compared to the prior week.
At the opening bell, the three major indexes opened mixed, with the S&P 500 up about 1.1%, the Nasdaq up about 1.7% and the Dow up about 0.6%.
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 Wednesday morning.
Alphabet Inc. (NASDAQ: GOOGL) traded up by about 9.1%, at $3,004.34 in a 52-week range of $1,990.23 to $3,019.33. Alphabet reported quarterly results late Tuesday, posting record Pixel phone sales and a 36% jump in search revenue. The company also announced a 20-for-1 stock split.
Advanced Micro Devices Inc. (NASDAQ: AMD) added about 8.3% to trade at $126.3, in a 52-week range of $72.50 to $164.46. The chipmaker reported quarterly results Tuesday afternoon that beat estimates for both profits and revenues. Adding more glory, the Chinese government has approved AMD’s acquisition of Xilinx. The deal is expected to close this quarter.
Xilinx Inc. (NASDAQ: XLNX) traded down by about 7.3% to $212.85, in a 52-week range of $111.84 to $239.79. Xilinx shares will now track AMD’s until its acquisition is completed.
Exelon Corp. (NASDAQ: EXC) traded down about 30%, at $41.10 in a 52-week range of $38.35 to $58.21. The energy transmission and distribution company has completed its separation from Constellation Energy. The last pre-separation price was $57.83 at Tuesday’s closing bell.
PayPal Holdings Inc. (NASDAQ: PYPL) traded down about 25% to $131.87, after posting a new 52-week low of $130.60. The company reported weak results, gave downside guidance for the first quarter and for fiscal 2022, and the stock was quickly downgraded by a couple of brokerages. The preponderance, however, reiterated ratings equivalent to Buy, while most also lowered their price targets.
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