Tech stocks were struggling for direction on Monday after rebounding last weekend.
focused on technology
Nasdaq Composite
The stock rose 1.2% on Friday after positive U.S. jobs data, but was down 1.4% in the previous session. Futures were flat on Monday as investors took a breather ahead of a busy week of inflation data and earnings.
However, there were many stocks that were moving.taiwan semiconductor manufacturing
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U.S. deposit receipts rose 1.2% after the Biden administration pledged to give the company $6.6 billion to help build a factory in Arizona. Under the agreement, Nvidia and TSMC, a major supplier to Apple, will add a third chip factory to the manufacturing complex that began construction in 2021.
However, the announcement did not provide a major boost to other U.S. chipmakers. Advanced Micro Devices shares were down 0.5%, Micron Technology rose 0.3% and Nvidia rose 0.3%.
Amazon.com shares rose 1.2% to $187.28 before the start of trading on Monday, and were on course for a new all-time high. It has a long way to go to close, but the previous closing price record of $186.57 is under threat.
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Bitcoin's resurgence, which rose above $72,000 from a low of $66,000 on Friday, helped lift stocks exposed to the cryptocurrency in pre-market trading. Coinbase Global stock rose 5.4% after falling 3.5% in the previous session.micro strategy
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The company, the largest corporate holder of Bitcoin, soared 12%.
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The weak start to the year showed no signs of improving on Monday, with the stock falling 0.3%. Analysts at KeyBanc Capital Markets noted that recent iPhone carrier research reflects weak demand for Apple's flagship product. The stock was down 12% in 2024 by Friday's close.
Email Callum Keown at callum.keown@barrons.com.
