1 month ago
Mag 7 Stocks All Climbing as Big Tech Leads Markets Higher
Tech stocks were leading the broader move higher on Wednesday, with futures for the Nasdaq 100 up by more than 1% ahead of the opening bell.
Bank of Japan Deputy Governor Shinichi Uchida gave the sector a big boost on Wednesday after he told business leaders the central bank won't hike interest rates while the market looks so unstable. That appeared to rescue the carry trade, in which investors borrow in Japanese yen to buy other higher-yielding assets.
Every member of the so-called Magnificent Seven group of stocks—iPhone maker Apple, software giant Microsoft, AI chip designer Nvidia, Google owner Alphabet, e-commerce titan Amazon, Facebook parent Meta Platforms, and electric car manufacturer Tesla—was up in premarket trading. Roundhill's MAGS exchange-traded fund, which tracks the Big Tech stocks, climbed 1.3%.
