Tech shares experienced a surge as long-dated Treasury yields declined ahead of the Federal Reserve's policy statement on Tuesday. Mega-cap tech stocks, which have been leading the market this year, observed small caps starting to close the gap. This was noted by Craig Hodges from Hodges Capital in Dallas, who highlighted the most significant disparity between large and small caps since the Covid period of March 2020.
In related news, Perficient (NASDAQ:PRFT)'s shares experienced a significant uptick due to robust Q3 earnings results. The company's financial performance exceeded expectations, contributing to a bullish sentiment among investors.
In other developments, Microsoft (NASDAQ:MSFT)'s enterprise Copilot, one of the notable AI tools, will be available for businesses from Wednesday. This move is expected to bolster Microsoft's position in the enterprise software market and provide businesses with advanced AI capabilities.
Meanwhile, WeWork entered a seven-day forbearance deal with its noteholders after defaulting on interest payments. This latest development follows a series of financial challenges for the co-working space provider, signaling further turbulence for the company.
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