Apple and Microsoft Stocks Rise as Rough Week for Big Tech Ends

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Big tech companies rebounded after China cut a key interest rate, raising hopes about faster growth.

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Gabby Jones/Bloomberg

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Megacap technology companies Apple,

Microsoft,

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Alphabet,

Tesla and Meta traded higher on Friday, recovering some of their recent losses.

The companies had seen big selloffs as market sentiment soured over the past few weeks. Faster inflation, a Federal Reserve interest-rate hike and strict Covid lockdowns in China conspired to bring the tech-heavy Nasdaq index of higher-risk stocks into a bear market. The benchmark Nasdaq 100 has lost more than $1 trillion of market value this month.

News that China on Friday unexpectedly lowered a key interest rate that is used as a benchmark for mortgages lifted stocks worldwide. The move raises hopes that the economic slowdown in the world’s second-biggest economy won’t be as bad as feared.

Nasdaq 100 futures rose 1.6% in premarket trading Friday, though the index remains 15% lower than it was a year ago. Apple (ticker: AAPL), the world’s most valuable company until it was overtaken by Saudi Aramco

(2222.SA) a few months ago, climbed 1.4%.

Microsoft (MSFT) was up 1.7%, Google parent Alphabet (GOOGL) traded up 1.2%, electric-car maker Tesla (TSLA) gained 2.3%, and Meta (FB), the parent company of Facebook, rose 1.4% in the pre -market.

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Credit: www.marketwatch.com /

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