{"id":1173,"date":"2023-04-28T00:11:09","date_gmt":"2023-04-28T04:11:09","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/dow-gains-500-points-thanks-to-big-techs-320-billion-rally\/"},"modified":"2023-04-28T00:11:10","modified_gmt":"2023-04-28T04:11:10","slug":"dow-gains-500-points-thanks-to-big-techs-320-billion-rally","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=1173","title":{"rendered":"Dow Gains 500 Points Thanks To Big Tech\u2019s $320 Billion Rally"},"content":{"rendered":"
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Topline<\/h2>\n

Major stock indexes notched their best day in months Thursday thanks to mid-earnings season optimism fueled by a blockbuster report from Facebook parent Meta\u2014though the gains were once again largely driven by a handful of mega-cap stocks.<\/p>\n

Key Facts<\/h2>\n
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The Dow Jones Industrial Average jumped 506 points, or 1.5%, to 33,807 points, while the S&P 500 and tech-heavy Nasdaq rose 1.9% and 2.4%, respectively.<\/p>\n<\/p><\/div>\n

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That\u2019s the Dow and S&P\u2019s largest gain since January 6 and the Nasdaq\u2019s best day since February 2.<\/p>\n<\/p><\/div>\n

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Spearheading the rally was Meta, which gained 14% after reporting strong financial results, picking up roughly $75 billion in market value.<\/p>\n<\/p><\/div>\n

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Alphabet (up 4%), Amazon (5%), Apple, (3%), Microsoft (3%) and Nvidia (1%) each staged rallies fueled by the Facebook parent\u2019s hot earnings report.<\/p>\n<\/p><\/div>\n

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Those six stocks\u2014the world\u2019s six largest tech companies and eight of the world\u2019s ten biggest companies\u2014added nearly $320 billion in market capitalization Thursday.<\/p>\n

<\/fbs-ad>\n <\/div>\n<\/div>\n

Crucial Quote<\/h2>\n

\u201cMega-cap tech crushed earnings,\u201d Oanda analyst Ed Moya wrote Thursday. Google parent Alphabet, Meta and Microsoft each beat analyst forecasts for profit and sales during the first quarter of 2023.<\/p>\n

Key Background<\/h2>\n

The ten largest stocks in the S&P account for roughly 30% of the index\u2019s total weight, according to JPMorgan analysts led by Dubravko Lakos-Brjas, the 96th percentile since 1980. Apple and Microsoft, the world\u2019s largest companies by market cap, account for more than 13% of the index\u2019s total weight, a record high. \u201cNarrow leadership, in general, reflects a less healthy rally than one with broader participation,\u201d LPL Financial analyst Jeffrey Buchbinder said in a note to clients earlier this month.<\/p>\n

Contra<\/h2>\n

Investor optimism followed the release of a report from the Bureau of Economic Analysis revealing that the U.S. economy grew far less than expected during the first quarter, with gross domestic product growing just 1.1%. A \u201crecession [is] incoming,\u201d Pantheon Macro chief economist Ian Shepherdson warned following the GDP update.<\/p>\n

What To Watch For<\/h2>\n

Amazon reports earnings after the bell Thursday. Analysts expect the company to post $124.6 billion in sales and $0.21 earnings per share, according to FactSet. Apple and Nvidia will report next month.<\/p>\n

<\/h2>\n

\u2018Recession Incoming\u2019: Economic Growth Slows To 1.1% As Economists Worry About Worsening Conditions In Months Ahead (Forbes<\/em>)<\/p>\n

Meta Stock Surges To 14-Month High After Earnings Beat\u2014Even As It Bleeds Billions Of Dollars In The Metaverse (Forbes<\/em>)<\/p>\n

Microsoft Earnings: Stock Climbs As Company Rides AI Wave To Profit, Sales Beats (Forbes<\/em>)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Topline Major stock indexes notched their best day in months Thursday thanks to mid-earnings season optimism fueled by a blockbuster report from Facebook parent Meta\u2014though the gains were once again largely driven by a handful of mega-cap stocks. Key Facts The Dow Jones Industrial Average jumped 506 points, or 1.5%, to 33,807 points, while the […]<\/p>\n","protected":false},"author":1,"featured_media":1174,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-1173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"\nDow Gains 500 Points Thanks To Big Tech\u2019s $320 Billion Rally | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Major stock indexes notched their best day in months Thursday thanks to mid-earnings season optimism fueled by a blockbuster report from Facebook\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=1173\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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