On Wednesday, technology stocks soared to new heights, with the tech-centric Nasdaq Composite climbing by 1% as investors eagerly snapped up key software and megacap stocks. The Technology Select Sector SPDR Fund (XLK) also made headlines by advancing 1.8%, marking its fourth consecutive day of gains since mid-October and eclipsing its previous high reached in July.
In the world of software, Salesforce stole the spotlight with a leap of over 9% following its robust earnings report on Tuesday evening. Meanwhile, Adobe gained 4%, and ServiceNow saw a more than 5% jump. Other prominent tech names like GoDaddy, Oracle, and Palo Alto Networks each experienced rises of about 3%.
Major technology stocks didn’t miss out on the action either. Apple nudged up 0.2%, securing a new record, while Nvidia outperformed its peers, surging more than 3%. Amazon wasn’t far behind, with a rise of over 2%. Alphabet and Microsoft also participated in the rally, each climbing at least 1%, though Meta Platforms held steady without significant movement.
Marvell Technology emerged as a significant winner, skyrocketing 23% on the back of an impressive quarter. In the semiconductor realm, Broadcom gained over 1%, and Arm Holdings added approximately 0.7%.
Moreover, several technology funds reached fresh highs, including the First Trust Cloud Computing ETF (SKYY) and the iShares Expanded Tech-Software Sector ETF (IGV), underscoring the sector’s robust performance.
