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Tech stocks edge higher after Meta rout

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Growth and technology stocks rebounded on Friday, as traders weighed stellar results from Amazon.com Inc against an unexpectedly strong U.S. employment number that propelled Treasury yields higher.

While many of the big tech-focused stocks are often thought of as a single group, "the divergence between Amazon and Meta Platforms' earnings is an important reminder that each company is unique with its own set of problems and opportunities," wrote Julian Koski, chief investment officer of asset management firm New Age Alpha in a note to investors.

Investors were also digesting Friday's robust jobs report, which fueled a surge in Treasury yields to their highest levels since December 2019. Higher yields tend to weigh on growth stocks as they threaten to erode the value of companies' future earnings.The recent gyrations have attracted retail buyers.

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Meta Stock Plunges After Earnings Miss, Warns “Macroeconomic Challenges” to Impact Ad BizThe company formerly known as Facebook reported record revenues and users, but warned of choppiness as it shifts to the metaverse. Looks like the name change was a distraction. Perhaps the equivalent of adding .com to a company name 20 or more yrs ago.
Source: THR - 🏆 411. / 53 Read more »