When President Biden pledged to support $37 billion in federal subsidies for American semiconductor manufacturing, it marked a political breakthrough that happened more quickly than insiders expected.
(Bloomberg) The Nasdaq 100 Index rebounded Friday but still capped its worst week in nearly four months as a spike in U.S. Treasury yields triggered a selloff in big technology stocks that have skyrocketed during the pandemic.The selling eased on Friday in New York with contracts on the benchmark gaining 0.6%. At one point this week the tech-heavy index accumulated a 6% drop its worst in almost a year as investors sold companies with high valuations, such as Facebook Inc., Apple Inc. and DocuSign Inc.The so-called megacaps and other tech stocks mostly rose on Friday, with analysts and investors saying the longer-term outlook for stocks remained largely intact after the bruising selloff. Semiconductor stocks Micron Technology Inc., Applied Materials Inc. and Xilinx Inc. were among those that led the index’s advance on Friday.“On balance, the investment case for equities is still OK, but not spectacular,” said Joseph Little, global chief strategist at HSBC Asse
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Analysis: How idled car factories super-charged a push for US chip subsidies When President Joe Biden on Wednesday stood at a lectern holding a microchip and pledged to support US$37 billion in federal subsidies for American semiconductor manufacturing, it marked a political breakthrough that happened much more quickly than industry insiders had expected.
FILE PHOTO: U.S. President Joe Biden delivers holds a semiconductor chip as he speaks prior to signing an executive order, aimed at addressing a global semiconductor chip shortage, in the State Dining Room at the White House in Washington, U.S., February 24, 2021. REUTERS/Jonathan Ernst
Analysis: How idled car factories super-charged a push for U S chip subsidies reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.