Retail-Buying Spree Fuels Tech Jump, Led by Apple and Amazon
- Nasdaq 100 climbs for a third consecutive day; Faangs rise
- ‘People continue to underestimate’ industry’s growth: Natixis
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Dip buyers emerged after the recent selloff in some of the world’s largest technology companies, with the Nasdaq 100 extending its rally into a third day.
Buying from retail investors has averaged $1.2 billion a day this week, according data from Vanda Research. Those purchases have exceeded the daily average for 2021 of $1.05 billion. The largest tech firms and exchange-traded funds with big positions on the industry have accounted for much of the buying, analysts Ben Onatibia and Giacomo Pierantoni, wrote. For Garrett Melson, strategist at Natixis, tech companies remain attractive and are poised demonstrate their earnings power.