Nasdaq, S & P Edge Higher on Tech Boost, Biden-Xi Talks Eyed

Friday’s Nasdaq and S & P 500 indices rose in volatile trading as megacap stocks rose. Investors appreciated the negotiations between President Joe Biden and Chinese President Xi Jinping over the Ukrainian conflict.

Seven of the 11 major S & P sectors were low, with energy stocks and utilities declining the most.

Nvidia, Tesla, Apple, and Microsoft rose between 0.7% and 5.9%, boosting technology-intensive Nasdaq.

According to Chinese state media, Xi told Biden that conflicts and conflicts, such as what happened in Ukraine, would not benefit anyone.

Randy Frederick, vice president of trading and derivatives at Charles Schwab in Austin, Texas, said:

“Today, China is a little more involved than usual, which is clearly a concern.”

The day also marks a “triple witching” that investors often unleash before expiring futures and options contract positions, often causing unexpected big moves in the market.

The S & P 500 Index and the Dow Jones Industrial Average are a three-day rally supported by expectations for progress in peace talks between Russia and Ukraine and the widely expected rate hike by the Federal Reserve Board, November 2020. We are on track for the best week since. Reserve.

The US central bank on Wednesday also forecasts aggressive plans for further increases, adjusting for this year’s economic growth forecast.

At 10:20 am ET, the Dow Jones Industrial Average was 34,366.93, down 113.83 points (0.33%), and the S & P 500 was 4,415.07, up 2.9 points (0.07%).

The Nasdaq Composite rose 90.78 points (0.67%) to 13,705.56.

Moderna Inc. rose 6.5% after a pharmaceutical company requested the US Food and Drug Administration to allow a second booster immunization of the COVID-19 vaccine.

US shipping company FedEx Corp. recorded lower-than-expected quarterly revenues on Thursday, down 5.9%. Meanwhile, video game retailer GameStop Corp. reported a quarterly net loss, down 3.3%.

The problem of moving forward outperformed the decline by a ratio of 1.11 to 1 on the New York Stock Exchange and a ratio of 1.78 to 1 on Nasdaq.

The S & P index recorded 19 new 52-week highs and no new lows, while Nasdaq recorded 35 new highs and 19 new lows.

By contractors of Shreyashi Sanial and Sabahatjahan