Apple Lifts Tech Stocks With Facebook and Amazon Earnings on Deck

Published 01/29/2019, 05:47 PM
Updated 01/29/2019, 06:50 PM
© Bloomberg. NEW YORK, NY - JUNE 17: The Apple logo is displayed at the Apple Store June 17, 2015 on Fifth Avenue in New York City. The company began selling the watch in stores Wednesday with their reserve and pick up service. Previously the product could only be ordered online. (Photo by Eric Thayer/Getty Images) Photographer: Eric Thayer/Getty Images North America
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(Bloomberg) -- Technology stocks rallied as investors took solace in a forecast from Apple Inc (NASDAQ:AAPL). that suggested the iPhone maker’s sales woes aren’t getting worse.

An exchange traded fund tracking the Nasdaq 100 Index rose almost a percent in extended trading after Apple reported earnings. Semiconductor suppliers such as Micron Technology Inc (NASDAQ:MU). and Broadcom (NASDAQ:AVGO) Inc. were among the biggest gainers, while tech heavyweights Amazon.com Inc (NASDAQ:AMZN)., Facebook Inc (NASDAQ:FB). and Microsoft Corp (NASDAQ:MSFT). also rose. Apple jumped 5.9 percent, trading back above where it did earlier this month before warning on weak China sales.

Disappointing iPhone sales have weighed on Apple and the ecosystem of dozens of suppliers for the past several months. The better-than-feared forecast bodes well for sentiment ahead of earnings from Facebook on Wednesday and Amazon on Thursday. Advanced Micro Devices (NASDAQ:AMD) Inc., the best performing stock in the S&P 500 Index last year, added to optimism Tuesday with its rosy sales outlook for 2019.

© Bloomberg. NEW YORK, NY - JUNE 17: The Apple logo is displayed at the Apple Store June 17, 2015 on Fifth Avenue in New York City. The company began selling the watch in stores Wednesday with their reserve and pick up service. Previously the product could only be ordered online. (Photo by Eric Thayer/Getty Images) Photographer: Eric Thayer/Getty Images North America

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