Tech shares could retake market reins as earnings heat up
By Lewis Krauskopf
Reuters
NEW YORK (Reuters) - A bevy of major U.S. earnings reports next week led by Apple, Microsoft and Facebook could help technology and growth stocks reassert their dominance after a recent run by banks, energy and other potential beneficiaries of an economic reopening.
After leading markets higher for most of 2020, technology-related stocks took a backseat late last year to so-called value or cyclical plays, whose businesses are expected to gain the most from the economic revival promised by vaccines against COVID-19.
That shift has stalled in recent days as investors weighed lackluster outlooks from big banks and a blockbuster quarterly report from Netflix that lifted its shares by 17%. The Russell 1000 growth index was up 3.3% in the past week as of Friday morning, while its value counterpart fell 1.5%.
NEW YORK (Jan 22): A bevy of major US earnings reports next week led by Apple, Microsoft and Facebook could help technology and growth stocks reassert their dominance after a recent run by banks, energy and other potential beneficiaries of an economic reopening.
After leading markets higher for most of 2020, technology-related stocks took a backseat late last year to so-called value or cyclical plays, whose businesses are expected to gain the most from the economic revival promised by vaccines against COVID-19.
That shift has stalled in recent days as investors weighed lackluster outlooks from big banks and a blockbuster quarterly report from Netflix that lifted its shares by 17%. The Russell 1000 growth index was up 3.3% in the past week as of Friday morning, while its value counterpart fell 1.5%.
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NEW YORK (Reuters) - A bevy of major U.S. earnings reports next week led by Apple, Microsoft and Facebook could help technology and growth stocks reassert their dominance after a recent run by banks, energy and other potential beneficiaries of an economic reopening.
The New York Stock Exchange with a Hims & Hers Health, Inc banner is pictured as a person runs past in the Manhattan borough of New York City, New York, U.S., January 21, 2021. REUTERS/Carlo Allegri
After leading markets higher for most of 2020, technology-related stocks took a backseat late last year to so-called value or cyclical plays, whose businesses are expected to gain the most from the economic revival promised by vaccines against COVID-19.
NASDAQ-Adv: 1,681 Dec: 1,536 NYSE-Adv: 2,214 Dec: 1,551(Source: Nasdaq) Wall Street closed lower on Thursday after making a u-turn toward the end of the session as reports emerged about U.S. President-elect Joe Biden’s pandemic aid proposal following earlier data that showed a weakening labor market. The Labor Department’s weekly jobless report showed the number of .