đź’» Micron Hits Record High; VGT Advances as Fed Signals Moderation | Tech Sector Insights
VGT climbed 0.6% following the Fed’s decision to ease rates by 25 basis points. Apple edged higher after regulatory comments from Tim Cook, while Micron surged to an all-time high on bullish earnings forecasts tied to rising memory prices.
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Wednesday, December 10
VGT [+0.6%]
Vanguard Information Technology ETF (VGT)
The Federal Reserve has announced a 25 basis point cut in the federal funds rate, now set between 3.50% and 3.75%. This decision reflects signs of moderate economic expansion and rising inflation pressures. Notably, the Vanguard Information Technology ETF (VGT) has shown an increase of 0.6% since Tuesday. Among its holdings, Apple (AAPL) saw a modest increase, with CEO Tim Cook advocating for smartphone regulation. Micron Technology (MU) shares reached an all-time high, supported by Citigroup's forecast of a significant earnings beat due to rising memory prices. Meanwhile, the S&P 500 Index has increased, suggesting broader market sentiment that may influence VGT's performance. Despite these developments, recent economic adjustments have resulted in minimal market reactions, including a smaller-than-expected deficit reported in the Monthly Budget Statement.