Tech Stocks Spike Higher

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Someone is buying the dip in big tech.

Shares of highflying technology stocks spiked suddenly in Thursday morning trading while much of the market was meandering around.

The S&P 500 was up 0.2%, even though 331 of its member stocks were down to start the day. The Nasdaq was up 0.7%, while the Dow was down 126 points, or 0.3%.

The Roundhill Magnificent Seven ETF, which aims to give exposure to the Mag 7 group of megacap technology stocks, was up more than 2% shortly after the market opened. Among the group, Nvidia was up 2%; Microsoft was up 0.6%; Apple was up 1.3%; Amazon.com was up 2.7%; Tesla was up 4.1%; Microsoft was up 0.6%; Meta Platforms was up 1.1%.

All of the Mag 7 stocks spiked suddenly shortly after the market opened, which signals a sudden rush of buying demand for the group. The Roundhill Magnificent Seven ETF has fallen 1.4% this month but is still up 35% this year.

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