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Nasdaq scales new high ahead of big-tech earnings; cyclicals lag | Malay Mail

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NEW YORK, Jan 25 — The Nasdaq index hit a record high today as investors remained optimistic at the start of a busy week of earnings from mega-cap technology companies, while economy-sensitive cyclical stocks gave back recent gains. The so-called “stay-at-home” winners including Microsoft...

Wall Street’s main indexes touched record highs last week on hopes of a full economic reopening. — Reuters pic

Microsoft, scheduled to report results tomorrow, rose 0.7 per cent as Wedbush raised its price target on the software maker’s stock on expectations of further growth in its cloud business for 2021. Earnings for S&P 500 companies are expected to rise 23.7 per cent this year after falling 14.1 per cent in 2020, according to Refinitiv.

Wall Street’s main indexes touched record highs last week on hopes of a full economic reopening and efficient distribution of vaccines across the country, which is suffering from more than 175,000 new Covid-19 cases a day with millions out of work. Merck & Co Inc fell 0.8 per cent after the drugmaker said it would stop development of its two Covid-19 vaccines citing inferior immune responses.

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