Tech stocks close out best month since start of Covid pandemic in 2020
Tech stocks posted their strongest monthly gains since the start of the Covid pandemic in April, led by strong earnings from major companies. The Nasdaq Composite rose 15.29%, driven by upbeat revenue and cloud growth results from firms like Alphabet, Amazon, and Microsoft. Despite some short-term volatility, most major tech stocks ended the month with significant gains.
- ▪The Nasdaq Composite climbed 15.29% in April, its best monthly performance since April 2020.
- ▪Alphabet surged 10% after earnings and gained 34% for the month, its best since October 2004.
- ▪Amazon shares rose 27% in April, while Broadcom gained 35% and Qualcomm soared nearly 40%.
- ▪Meta fell 9% on Thursday due to increased capex spending but still gained nearly 7% for the month.
- ▪Qualcomm had its best single day since 2019 following strong results.
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The tech-heavy Nasdaq Composite climbed 15.29% in April, its biggest monthly gain since the start of the Covid pandemic in April 2020. Earnings for big tech this week have boosted the sector, with Alphabet, Amazon and Microsoft all beating expectations for revenue and cloud growth.Alphabet surged 10% after earnings, climbing 34% this month. It's the company's best month since October 2004, the year it went public.Meta fell 9% Thursday after announcing an increase in its capex spend, but still gained nearly 7% for the month.Shares of Amazon rose 27% in April, while Broadcom gained 35%. Qualcomm on Thursday had its best day since 2019, soaring nearly 40% for the month.
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