Investors are seeking succor from this week’s U.S. stock market volatility in shares of some of the most established technology companies in the wake of the collapse of California’s Silicon Valley Bank where many startup businesses banked.
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. Apple Inc. AAPL shares have risen 1.6% since markets opened on Monday, compared with a gain of 1.3% gain for the Nasdaq Composite. Microsoft Corp. MSFT shares have performed even better, gaining 5% so far this week, while Meta Platforms Inc. is up nearly 8% over the same period, having received a boost after announcing its latest round of layoffs.Some hard-hit semiconductor names are also showing signs of life, with shares of Intel Corp.
See: Credit Suisse fallout upsets Fed rate-hike expectations, with full percentage point of cuts seen by year-end See: Meme-stock era record falls: Retail traders dumped $1.5 billion a day into U.S. equities in January
'Seems like a great deal... maybe too good to be true?'