The Invesco QQQ Trust, a $ 153.6 billion exchange-traded fund tracking the tech-heavy Nasdaq 100, dropped in postmarket trading after Electronic Arts Inc. gave a forecast for net bookings that fell short of analysts’ estimates. Snap Inc. also fell after forecasting its first-ever quarterly revenue decline.
February 01, 2023 / 06:20 AM IST
US stocks ended January with a gain, as investors cheered signs of labor costs easing and inflation cooling as they gear up for Wednesday’s Federal Reserve decision. Traders continued to grapple with earnings after the stock market closed.
The Invesco QQQ Trust, a $ 153.6 billion exchange-traded fund tracking the tech-heavy Nasdaq 100, dropped in postmarket trading after Electronic Arts Inc. gave a forecast for net bookings that fell short of analysts’ estimates. Snap Inc. also fell after forecasting its first-ever quarterly revenue decline.
However, Advanced Micro Devices Inc.’s better-than-expected sales forecast for the first quarter could still buoy tech shares, as investors brace for reports from Meta Platforms Inc. and Apple Inc. this week.
The S&P 500 still had its best month since October, as traders expect the Fed to slow its pace of interest-rate hikes. The Nasdaq 100 rallied the most this month since July. Treasuries gained, with the 10-year yield sliding to around 3.51%. It fell more than 30 basis points during January, the most since November. A dollar index dropped.
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