1 week Ago By Erica Kollmann
Shares of tech companies soared following President Donald Trump's announcement that he will place a 90-day pause on tariffs for countries that have not retaliated against U.S. trade measures.
Markets rose on the news, driven higher by tech stocks. The Details: Technology was the top performing sector in the S&P 500 on Wednesday with the Technology SPDR Select Sector Fund XLK gaining 13.43% in the session.
Microsoft Corp. MSFT , the fund's largest holding, rose 10.13% and its second-largest holding, Apple, Inc.
AAPL , climbed 15.33% in its best one-day performance since 1998. Read Next: Elon Musk Calls Trump Trade Advisor Peter Navarro ‘Dumber Than Sack Of Bricks,’ Defends Tesla As ‘Most American-Made Cars’ The sector's top two gainers were both chip stocks, with Microchip Technology, Inc.
MCHP up 27.05% and Advanced Micro Devices, Inc. AMD , which gained 23.
82% in the tech-fueled rally. Other notable gainers in the sector include Palantir Technologies, Inc. PLTR , which rose 19% and NVIDIA Corp .
NVDA , which climbed 18.72% in the session. Expert Ideas: Wedbush tech analyst Dan Ives said that he expects "massive negotiations" to start to pick up and noted China remains the "biggest wild card" for markets.
"For tech stocks, this was much-needed relief and pulls stocks and the market from the edge of the cliff, although China remains the biggest X variable related to Apple and the broader supply chain," Ives said. Markets shot higher following Trump's announcement, with the tech-heavy Nasdaq 100 posting its best day since January 2001. "The market's move upward is violent, and speaks to how badly the market was looking for clarity on this issue," said Chris Brigati , chief investment officer at SWBC.
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