Yahoo Finance Oracle, Micron Lead Tech Charge in Midday Trading
Investing.com - Technology stocks led the rally midday, rebounding from weakness in the previous day led by software and chip stocks.
The Nasdaq Composite rose about 1% at 12:00 PM ET (16:00 GMT), while the S&P Information Technology index gained about 1.2%.
Oracle (NYSE:ORCL) climbed about 3%, continuing its post-earnings comeback. Oracle reported numbers on Monday, with revenue coming in shy of expectations, but after the knee-jerk drop, the stock has rallied sharply. Microsoft (NASDAQ:MSFT) shares gained about 1.4%.
Meanwhile, semiconductor stocks were mostly higher ahead of Micron Technology’s earnings report after the bell.
Micron (NASDAQ:MU) rose about 2.5% and Intel (NASDAQ:INTC) was up around 2%.
NVIDIA Corporation (NASDAQ:NVDA) was the notable exception, sinking about 2.5%.
Micron should give investors more clarity on whether memory chips are moving into a downward cycle.
Among the FAANG stocks, Facebook (NASDAQ:FB), Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL) and Google parent Alphabet (NASDAQ:GOOGL) were all up around 1%, with only Netflix (NASDAQ:NFLX) in the red.
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