Shares of technology companies rose amid optimism about earnings.
Shares of electric-car maker Tesla surged by more than 10% as investors embraced plans to launch a new, affordable vehicle in 2025.
International Business Machines rose ahead of its earnings report. Meta Platforms shares slid in the wake of the Facebook owner's earnings report.
Investors are paying extra attention to the largest tech stocks because of their influence on the value of the broad S&P 500 during the last year. One strategist noted that influence is waning, however, as illustrated by a closing of the performance gap between the S&P 500 and an equal-weighted version.
"It's important: there's no question about it, but I think it would be wrong to say and a disservice to suggest that it's only these stocks that are powering market returns," said Oliver Pursche, senior vice president at financial advisory Wealthspire.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
04-24-24 1720ET
