💻 VGT Climbs as Manufacturing Rebounds, Apple Jumps to Four-Week High on Strong Earnings | Tech Sector Insights
The Vanguard Information Technology ETF (VGT) rose 1% as stronger-than-expected U.S. manufacturing data boosted risk sentiment. The ISM Manufacturing PMI jumped to 52.6 in January, signaling the first expansion in a year, while a stronger dollar pushed gold sharply lower.
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Monday, February 2
VGT [+1.0%]
Vanguard Information Technology ETF (VGT)
The Vanguard Information Technology ETF (VGT) has seen a price increase of 1.0% since Friday. The U.S. ISM Manufacturing PMI unexpectedly rose to 52.6 in January, marking the first expansion in manufacturing activity in a year, which may bolster technology stocks as it reflects improvements in new orders and production metrics. This positive data coincides with a significant drop in gold prices, attributed to a strengthening dollar following Kevin Warsh's nomination as Federal Reserve Chair, potentially leading to higher interest rates. Social media discussions suggest that VGT requires a break above $628.40 and then $630 to maintain bullish sentiment for the day. Notably, top contributors to VGT's performance include AAPL, AMD, INTC, MU, and TXN, all showing positive returns. Additionally, the Dow Jones Index has increased by 1.15%, reflecting broader market movements correlated with VGT.