Technology stocks are holding steady after taking a hit earlier this week.
The future for tech-minded people
Nasdaq Composite
The stock fell 0.1% in early trading, following a 1.7% rise in the previous session. The index fell on Wednesday as hot inflation data made it less likely that the Federal Reserve would cut interest rates soon. Lower interest rates tend to boost tech stocks, and expectations that interest rates will remain high tend to hurt them.
Here's what's happening with tech stocks.
Stefano La Rovere, Amazon executive
,
He said Thursday that it is a myth that robots will take away jobs. He told CNBC television that automation and artificial intelligence will not destroy jobs, but will transform jobs and enhance people's roles. He said the new technology has helped create more than 50,000 jobs at fulfillment centers in Europe.
Amazon shares fell 0.2% to $188.72 in pre-market trading, after rising 1.7% in Thursday trading. It's up 24% this year, putting the company's valuation nearing $2 trillion.
Advertisement – SCROLL TO CONTINUE
Apple's stock price was rising after Bloomberg reported that the company is overhauling its Mac computer line with new processors suited for artificial intelligence. Apple has recently been seen as a laggard in the AI space, which has contributed to the stock's 9% decline this year. It was little changed in premarket trading after rising 4.3% on Thursday.
Microsoft received a bullish analyst note. Morgan Stanley strategist Keith Weiss said the company's earnings per share should double by the end of the decade, thanks to its cloud computing arm and AI. After rising 1.1% on Thursday, shares were little changed at $427.71 pre-market. It's up 50% so far this year.
Other technology names were also in play during the early days of the deal. Advanced Micro Devices fell 0.5%, Palantir Technologies rose 0.7% and Nvidia rose 0.2%. SoFI technology
,
It has fallen more than 20% this year, but was unchanged after adding 1.1% on Thursday.
Advertisement – SCROLL TO CONTINUE
Email Brian Swint at brian.swint@barrons.com.
