Categories Cannabis, Finance, Markets

Chipmakers, airlines rally lift the Nasdaq despite government shutdown, trade war

On January 24, Thursday, airline stocks and chipmakers lifted the Nasdaq, especially on a day that China-US trade war and US government shutdown pulled down Dow Jones and S&P 500 Indices.

While the US Commerce Secretary Wilbur Ross assured a good chance of resolution in the Sino-US stand-off, he did specify they were a long way away despite the March 1 deadline.

However, chip stocks seemed unrattled — Philadelphia Semiconductor Index, which has been underperforming with respect to the many other S&P sectors — jumped more than 5.5%. Better-than-expected results pushed Lam Research Corp (LRCX) up 14.5% and Xilinx Inc (XLNX) grew 17.5%.

Texas Instruments (TXN) stock surged more than 6% after it posted impressive earnings despite fears of disastrous metrics due to weak China demand.

The Dow Jones Transports index grew 0.95% following robust airline carrier results, outperforming the Street’s three major indexes this year.

Three major carriers — American Airlines Group (AAL), Southwest Airlines Co (LUV) and JetBlue Airways Corp (JBLU) — all saw their stock jump 5% following upbeat quarterly profits.

 

Earnings: Southwest Airlines Q4 earnings slide despite beating estimates

Get access to timely and accurate verbatim transcripts that are published within hours of the event

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

Leave a Reply

Your email address will not be published. Required fields are marked *

Add Comment
Loading...

Cancel
Viewing Highlight
Loading...
Highlight
Close
Top