Are Tech Stocks Recovering? Here's What 2 Tech Titans Have to Say
After a strong rally, stock markets looked poised to return to a more bearish outlook on Thursday, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) once again saw the biggest impact. The index was down between 1% and 1.5% at the open on Thursday morning, with concerns about interest rates continuing to put pressure on the high-growth stocks that make up a large part of the Nasdaq.
A couple of high-profile stocks announced their latest financial results late Wednesday, and investors are reacting to what they've learned. Cisco Systems (NASDAQ: CSCO) got a relatively favorable reception from shareholders, while Nvidia (NASDAQ: NVDA) is dealing with a somewhat less optimistic reaction following its quarterly release. Both companies are large enough to have ripple effects across the tech sector, offering insight about whether tech stocks can mount a longer-term recovery from a harsh bear market.
Shares of Cisco Systems moved higher by 3% at the open on Thursday morning. The networking equipment giant reported fiscal first-quarter results for the period ending Oct. 29 that indicated it had gotten off to a good start for fiscal 2023.
Source Fool.com
