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Monday, February 6, 2023

Wall Street: Tesla and Amazon soar and give a strong boost to the Nasdaq

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Amazon.com Inc climbed 3.4% after Jefferies said he saw cost pressures easing for the e-commerce giant in the second half of the year.

Tesla Inc, meanwhile, shot up 7.5% after the EV maker reported longer wait times for some versions of the Model Y in China, suggesting recent price cuts could be stoking demand.

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Other rate-sensitive growth stocks like Apple Inc and Alphabet Inc were up about 1% as Treasury yields fell.

The technology sector led major sector indices in the S&P 500. The S&P 500 growth index was up 3.6%, outpacing a 0.7% gain in its value peers.

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The benchmark S&P 500 index and the Nasdaq closed the week higher on Friday, after a moderation in wage increases and a decline in US services activity in December supported expectations of a less aggressive stance from the Fed. , as well as a soft landing for the world’s largest economy.

“The number of jobs created is slowly declining and wages are starting to calm down. Both are important to get inflation under control, without necessarily driving the economy into a recession,” said Art Hogan, chief market strategist at B. Riley Finance.

The highly anticipated inflation report on Thursday from the US Department of Labor is expected to show some moderation in consumer prices on a year-over-year basis in December.

Source: Ambito

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