Major Tech Stocks Soaring Amidst Recession

Dayana Sabatin
Photo by Anna Nekrashevich

Major tech stocks soared for the second day in a row leading to a significantly higher Wednesday than many expected.

Shopify and Unity Software were up over 12%, and shares of Coinbase went up 14%.

Despite the rise in tech stocks, investors are focused on corporate earnings, especially after the results came from Netflix after the market closed on Tuesday.

Netflix reported a loss of nearly 1,000,000 subscribers in their second quarter; this marked the decline of the streaming giant.

After hours, Netflix gained as much as 10% on Tuesday evening, and investors are seeing this as a sign of potential.

Numerous investors are fearful of the recession being currently elevated; however, Biogen raised a full-year profit outlook, and yet shares of the company fell nearly 6% on Wednesday.

Additionally, Abbott Labs shares were down nearly 2% after the company had reported a 7$ drop in sales, which was hit because of recalls of baby formula.

Strategist Scott Brown at LPL Researched noted the S&P 500 had been up some 6% since June 16, despite a rush of bad news.

Scott Brown says, "The Tuesday reading saw advancers outnumber decliners by more than 14:1 on the NYSE, and that comes on the heels of a nearly 8:1 reading on Friday, which at the time was the best reading since May of this year. Days like Tuesday are exactly what we are looking for and can go a long way towards changing the character of this market."

The results for United Airlines and Tesla will be featured after today's closing bell.

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