💻 Tech Rallies on Jobs Beat; Apple Rebounds in China, Datadog Soars on S&P 500 Inclusion | Tech Sector Insights
Tech stocks surged after a stronger-than-expected U.S. jobs report pushed back Fed cut hopes but signaled economic strength. VGT rose 1.5%, led by Microsoft, NVIDIA, and Apple.
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Below are AI-generated insights on moves in the information technology sector, powered by MarketReader technology.
Thursday, July 3
VGT [+1.5%]
Vanguard Information Technology ETF (VGT)
The U.S. Nonfarm Payrolls report released today indicated a stronger-than-expected increase in jobs, alongside a decrease in the unemployment rate, which has led markets to reassess expectations for Federal Reserve interest rate cuts. This positive labor market data coincides with Vanguard Information Technology ETF's current daily return of approximately 1.5%. Additionally, President Trump's announcement of a new trade agreement with Vietnam, which imposes tariffs on Vietnamese imports while eliminating them for American exports, may also positively influence the technology sector. Among the ETF's top performers, Microsoft, NVIDIA, and Apple contributed significantly to its gains. Notably, Apple's iPhone sales in China have risen for the first time in two years, and Bank of America reported a year-over-year increase in App Store revenue for June, bolstering the outlook for Apple's stock performance.