Mega-cap technology and Internet stocks rallied on Monday, extending a recent advance as concerns eased over global trade tensions.
Amazon.com shares rose 3.8% while Apple was up 2% and Microsoft climbed 1.5% as it moved deeper into record territory. All three stocks — the three largest US names by market capitalisation — were on track for their fifth straight advance, Bloomberg data showed.
Microsoft shares have gained nearly 12% over the past five trading days, adding more than US$100-billion to its valuation. Over the weekend, the company announced the next generation of its Xbox videogame console, which it said will be released in time for Christmas 2020.
Apple has gained as much as 13% over the period, lifting its market cap by about $99.5-billion. Amazon is up 11% over the past five trading days, including Monday, a rally that has increased its valuation by about $90.8-billion.
The S&P 500 Information Technology Index rose as much as 2% on Monday, also in its fifth straight advance. In addition to Apple and Microsoft, the sector was supported by a broad rally in semiconductor stocks.
Both Apple and Amazon are part of the so-called “Faang” stocks, a quintet of major tech and Internet names that have fuelled broad-market gains for years. Among the other components, Facebook gained 1.2% on Monday; the social media company is also on track for its fifth straight positive session, its longest such streak since June 2018. Google parent Alphabet rose as much as 2.5% in its third straight positive session.
The only Faang member in negative territory on Monday was Netflix Inc., which lost 1.1%. — (c) 2019 Bloomberg LP