Investors seeking safe harbor from this week’s U.S. stock market volatility are moving into Apple stock and a handful of established technology companies in the wake of the collapse of California’s Silicon Valley Bank where many startup businesses banked.
Joseph Adinolfi for MarketWatch:
The collapse of SVB and two other U.S. banks has sent shockwaves across bond and equity markets while raising serious questions about the health of the banking system.
But the biggest technology and semiconductor names are outperforming, according to FactSet data, helping to constrain losses on the Nasdaq 100…
A rally in many of the biggest tech names like Apple Inc, Meta Platforms Inc.,and Microsoft Corp., helped push both the Nasdaq Composite and Nasdaq 100 into the green late Wednesday afternoon as both tech-heavy indexes finished higher, while the S&P 500 and Dow Jones Industrial Average finished in the red…
“There’s a flight to quality happening in the megacap tech names,” said Tom Forte, an equity analyst at D.A. Davidson who covers the technology space.
Apple Inc. shares have risen 2.3% since markets opened on Monday, according to FactSet.…
“It also doesn’t hurt that Amazon and Apple are among the best-performing stocks of the last decade,” Forte said.
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
Shop The Apple Store at Amazon.
SVB, a perfect Democrat bank with a very active DEI LBGTQ sexual behavior embracing and loving diversity Officer making certain SVB “included” everything, except risk management and financial prudence.
In other words, Democrats should never be allowed to run a bank or anything with a serious mission. Because they are totally insane. Now, we get to have the entire population having a 100% guarantee on all deposits because of SVB being so monumentally irresponsible, and every bank can now put DEI above all else. And if you have any money left after investing in FTX or First Republic then by all means, put your money in the bank. They will be very careful with it.
I don’t think they are crazy.
I think they are insane with power and will stop at nothing to buy more to keep it.
SVB, besides being driven by DEI garbage and not being a responsible fiduciary, their CEO was actually on the Board of the San Francisco Federal Reserve. Simply a dumb CEO & “banker”?
It’s long been a regular moaning from conspiritorialists that the banking system–led by the Fed–is corrupt. If there was ever a solid example that it’s NOT a conspiracy, the “assistance” given to SVB, is solid.
Fortunately, our Treasury Sec, Janet–Bowl Cut Hair–Yellen has comforted those with concerns; it’s not a bail-out and citizens won’t be paying for SVB’s “support.”