Why Has Tech Been So Strong? (Again)
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What’s in Today’s Report:
- Why Has Tech Been So Strong? (Again)
Futures are modestly higher following better than expected tech earnings overnight.
Broadcom (AVGO) earnings were mixed but management commentary was bullish and the stock is rallying 15% pre-market and that’s helping to boost tech stocks and broader market futures.
Economically, the notable data was from the UK and it was soft. Monthly GDP (-0.1% vs. (E) 0.2%) and Industrial Production (-0.6% vs. (E) 0.3%) both missed estimates.
Today there are no notable economic reports nor any Fed speakers, so markets will likely follow the tech sector. If the AVGO led tech rally this morning can hold, it should pull other indices and sectors higher with it.
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