TECH - 5 ETF Winners of the Last Week | Benzinga
The S&P 500 logged its biggest weekly gain since November as Big Tech stocks rallied. With this, U.S. stocks pared their April losses on Apr 26. The S&P 500 advanced 2.7% last week, the Dow Jones inched up 0.7% and the Nasdaq jumped 4.2%. Let's highlight the key events of the last week.
Best Week for "Magnificent Seven" Since November
The batch of tech giants known as the "Magnificent Seven" regained some of its momentum at the end of the week, following positive earnings reports from Google-parent Alphabet (NASDAQ: GOOGL) and Microsoft (NASDAQ: MSFT).
Alphabet which gained 11.3% last week on the back of upbeat earnings, became the fourth U.S. company to reach the $2-trillion market cap milestone. On the other hand, Facebook-parent Meta (NASDAQ: META) offered downbeat revenue guidance and saw shares slumping 9.4% last week. Tesla TSLA gained 19.7% on future affordable EV plans despite the Q1 miss.
Most tech companies' promise to spend big on the AI revolution boosted the NVIDIA (NASDAQ: NVDA) stock, which jumped 12.3% last week. Meanwhile, MSFT, Amazon (NASDAQ: AMZN) and Apple (NASDAQ: AAPL) recorded modest gains of 1.6%, 1.5% and 2.1%, respectively.
Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA and Tesla (NASDAQ: TSLA) collectively added $686 billion in market value, in their strongest weekly performance since ...