Strong results from Microsoft, Tesla and Xilinx are helping to salve wounds after technology stocks led the Nasdaq 100 Stock Index to its biggest rout in seven years.
Better-than-expected sales from Microsoft’s cloud business helped the company exceed Wall Street estimates for revenue, while Tesla surprised investors with a quarterly profit. The biggest exchange traded fund tracking the Nasdaq 100 gained 1% in after-hours trading. Amazon.com and Apple, the two biggest stocks in the index by weighting, were among the gainers.
A rosy revenue outlook from logic chip maker Xilinx may help calm nerves after Texas Instruments spooked investors by saying that demand is slowing across most of its markets. That helped send the Philadelphia semiconductor index tumbling 6.6%.
It wasn’t all good news after the markets closed. AMD, the best performing stock in the S&P 500 this year, sank as much as 25% after a weak revenue forecast. — Reported by Jeran Wittenstein, (c) 2018 Bloomberg LP