Forex Analysis & Reviews: 18.05.2023 - Top US tech firms soar by...

Live Chat

InstaForex Loprais Team - Official participant of the Dakar rally

This section features the most important information about trading with InstaForex. We provide both analysis from leading experts for experienced traders and articles on trading conditions for beginners. Our services will help increase your profit potential.

Become Trader

Account Opening

See also

Trading Conditions

Forex Analytics

Charts

This section is designed for those who are just starting their trading journey. InstaForex educational and analytical materials will meet your training needs. Our experts' recommendations will make your first steps to trading success simple and clear.

Start as Beginner

How to start trading

Useful information

Training and recordings

InstaForex innovative services are an essential element of productive investment. We strive to provide our clients with advanced technical capabilities and make their trading routine comfortable as we are recognized as the best broker in this regard.

Become Investor

PAMM System

ForexCopy System

Passive investments

OYS account

Partnership with InstaForex is beneficial and top-tier. Join our affiliate programs and enjoy bonuses, partner rewards, and the possibility to travel with the team of the world-renowned brand.

Become Partner

Main Page

Partner Area

Advantages for Affiliates

Registration

This section contains the most lucrative offers from InstaForex. Receive bonuses when topping up an account, compete with other traders, and get real prizes even when trading in a demo account.

All Promo Campaigns

Bonuses

Contests

Events

Holidays with InstaForex are not only pleasant but also useful. We offer a one-stop portal, numerous forums, and corporate blogs, where traders can exchange experiences and become successfully integrated into the Forex community.

Full details

Forums

We are in social networks

Forex humour

Forex Portal

InstaForex is an international brand created in 2007. The company provides services for online FX trading and is recognized as one of the world's leading brokers. We have won the trust of more than 7,000,000 retail traders, who have already appreciated our reliability and focus on innovations.

Learn More

History

Why Choose Us

InstaSport

Regulation

Company News

Awards

InstaForex Stars

InstaForex Offline

Headquarters

Key documents

Social Responsibility

InstaForex Loprais Team - Official participant of the Dakar rally

18.05.2023 04:02 PM

Top US tech firms soar by 30% this year

Major US tech firms have posted significant gains this year. Notably, Apple, Alphabet, Amazon, and Microsoft have surged by over 30% since the beginning of the year, while shares of Meta, the parent company of Facebook, have skyrocketed more than 101%. Meanwhile, the Dow Jones Industrial Average has increased by less than 1%. A Wall Street manager recently suggested that given the economic backdrop, investors' bets on these companies' growth may not pay off, and market positioning, although rational under the circumstances, could be short-sighted.

As the economist notes, the gap between the tech-heavy NASDAQ index and the broader S&P 500 index has widened after the earnings season: 75% of tech companies outperformed expectations compared to a rather mixed picture in other sectors and generally gloomy economic data.

Nevertheless, investors continue to bet on a further rally. This is because central banks will soon have to start stimulating their economies again and wind down their aggressive monetary tightening programs.

Premarket

Shares of retail giant Walmart rose by over 1.5% in premarket trading after the company raised its annual forecast and reported nearly an 8% sales increase in the first quarter, highlighting the strength of its large grocery business. Walmart also reported higher-than-expected adjusted earnings.

Shares of video game maker Take-Two jumped by 14% following news of higher-than-expected revenue. Although Take-Two Interactive shared a weaker-than-expected forecast, it indicated a strong gaming plan that could fuel the company's growth in the future.

Cisco Systems shares dropped by 4% after the company reported a 23% decrease in orders.

Shares of Chinese e-commerce company Alibaba slipped 1% in pre-market trading following mixed results for the last quarter. The company's revenue fell short of expectations. It also announced plans to list its cloud division.

Synopsys shares added 2% after the company reported higher-than-expected quarterly results. The software developer also shared a more robust revenue growth forecast for the entire year.

Shares of Sony have climbed by nearly 4% following the company's announcement that it will begin evaluating the spin-off of its financial services business. Sony plans to list shares of Sony Financial Group in roughly two to three years while retaining approximately 20% ownership of the business.

As for the S&P 500 index, demand remains robust, and bulls have every chance to continue the current trend. Bulls need to keep the price above $4,150, from where they may drag the index to $4,184. In addition, bulls should control the level of $4,208, which will reinforce a new bull market. If the index declines amid weak US statistics, bulls should protect $4,150 and $4,116. Breaking through this level, the trading instrument may drop to $4,091 and $4,064.

You have already liked this post today

*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.