In the longest run since the market peak on November 21, tech stock has just ended a five-week rally.
Nasdaq is up by 15% as 2023 begins.
With gains of 3.3% over the previous five days, the Nasdaq recently completed its fifth consecutive week of advances.
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Since a run concluded in November 2021, this is the index’s longest weekly winning streak for tech stocks.
Yet, the market must recognize specific highlighting trends. For example, pay cuts are evident, and layoffs have been quite restrictive.
Amazon ended one of the not-so-good years for growth in its 25-year existence as a public firm; Apple missed projections for the first time since 2016, Facebook parent Meta reported a third consecutive quarter of losing sales, Google’s primary advertising business decreased.
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“Apple is navigating what is, of course, a challenging environment quite well overall. As we move through the coming months and quarters, we’ll see a return to growth, and the market will begin to discount that. Nevertheless, we continue to like the name even in the face of these macro challenges,” says,” Dan Flax, an analyst at Neuberger Berman.
“Given this last quarter was the end of my first full year in this role and given some of the unusual parts in the economy and our business, I thought this might be a good one to join,” says Andy Jessy, CEO of Amazon.