The collapse of SVB and two other U.S. banks has sent shockwaves across bond and equity markets while raising serious questions about the health of the banking system.
But the biggest technology and semiconductor names are outperforming, according to FactSet data, helping to constrain losses on the Nasdaq 100…
A rally in many of the biggest tech names like Apple Inc, Meta Platforms Inc.,and Microsoft Corp., helped push both the Nasdaq Composite and Nasdaq 100 into the green late Wednesday afternoon as both tech-heavy indexes finished higher, while the S&P 500 and Dow Jones Industrial Average finished in the red…
“There’s a flight to quality happening in the megacap tech names,” said Tom Forte, an equity analyst at D.A. Davidson who covers the technology space.
Apple Inc. shares have risen 2.3% since markets opened on Monday, according to FactSet.…
“It also doesn’t hurt that Amazon and Apple are among the best-performing stocks of the last decade,” Forte said.