💻 VGT Rises on Fed Cut Hopes and Chip Momentum, IONQ Surges | Tech Sector Insights
Adobe topped estimates with Q3 revenue of $5.99B and EPS of $5.31, boosting sentiment across the tech sector. (VGT) posted gains as Microsoft rallied on an OpenAI partnership update, Apple held steady despite iPhone delays in China, and Micron hit a record high ahead of Q4 results.
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Friday, September 12
VGT [+0.2%]
Vanguard Information Technology ETF (VGT)
Adobe Inc. reported strong third-quarter earnings, exceeding expectations with revenue of 5.99 billion and an EPS of 5.31, positively impacting the technology sector today. This aligns with the Vanguard Information Technology ETF's focus on information technology equities, which shows a daily return increase. Additionally, heightened expectations for Federal Reserve interest rate cuts follow recent inflation data revealing a 2.9% year-over-year rise in consumer prices alongside increasing jobless claims. Among the ETF's holdings, Microsoft experienced a significant increase following the signing of a non-binding MOU with OpenAI and avoidance of an EU antitrust penalty. Apple faced delays in launching the iPhone Air in China but maintained stock resilience, while Micron Technology reached a new all-time high driven by positive analyst sentiment ahead of its Q4 earnings report.