Stocks - S&P Turns Positive as Tech Fashions Rebound
By Yasin Ebrahim
Investing.com – The S&P turned positive Tuesday as investors continued to chase tech stocks higher ahead of key earnings for the sector.
The S&P 500 added 0.11%, while the Nasdaq Composite gained 0.22% and the Dow Jones Industrial Average fell 0.06%.
Intel (NASDAQ:INTC) and Micron (NASDAQ:MU) led a turnaround in tech stocks following bullish remarks from Wall Street.
Jefferies upgraded its rating on Intel (NASDAQ:INTC) to hold from underperform, sending Intel 2% higher. The investment firm said it expected that management team changes and restructuring efforts at Intel will trigger a "dramatic change" in the next two years and boost the chipmaker's earnings and stock price.
Longbow Research, meanwhile, upped its price target on Micron (NASDAQ:MU) to $69 from $67, sending the stock up 2%.
The turnaround in tech stocks come ahead of key earnings for the sector, with Netflix (NASDAQ:NFLX) and IBM (NYSE:IBM) set to report after the closing bell.
Stocks started the day on the back foot as risk-assets were shunned in favor of safe havens following fears that a spread in the new coronavirus in China could dent tourism, hurting growth ahead of the Lunar New Year.
Rising fears that contagion of the virus would keep a lid on international travel hurt casino stocks, with Wynn Resorts (NASDAQ:WYNN) and Las Vegas Sands (NYSE:LVS) down sharply.
Elsewhere, Tesla (NASDAQ:TSLA) jumped 6% after New Street raised its price target on the stock to a sell-side high of $800 from $530.
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