Last month, semiconductor stocks and ETFs surged after Applied Materials, the world’s largest supplier of tools used to make semiconductor chips, said it earned $0.34 per share on revenue of $2.45 billion, beating The Street by $0.02 per share and expectations of $2.43 billion in revenue, the Wall Street Pit reports.
Oppenheimer technical strategist Ari Wald “shows that the XLK still holds a bullish trend against the S&P 500. The XLK’s performance over the S&P 500 leads Wald to believe that tech could be ‘not only a leader over the coming year, but over the coming years.’” reports CNBC.
For more news and strategy on the Technology market, visit our Technology category.
Technology Select Sector SPDR
Tom Lydon’s clients own shares of QQQ.