Nasdaq opens higher after last week's pullback
NEW YORK: Tech shares were on the upswing early Monday (Oct 19) as investors opened the week by taking advantage of last week's pullback in the Nasdaq.
Last week's 4.5 per cent decline in the Nasdaq set the stage for a "buy-the-dip bid," said Briefing.com analyst Patrick O'Hare.
The drop was due to various worries surrounding the artificial intelligence buildout, including over the impact of higher interest rates on debt taken out to finance the boom.
About 15 minutes into trading, the tech-focused Nasdaq Composite Index was up 1.1 per cent at 26,426.22.
The Dow Jones Industrial Average shed 0.2 per cent to 51,915.41, while the broad-based S&P 500 advanced 0.5 percent to 7,695.20.
This week's earnings calendar includes reports from General Motors, Netflix, Meta and Tesla.
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