Technology exchange traded funds will try to follow up on recent strength as Microsoft (MSFT) anchors the tech earnings calendar this week.
Microsoft reports quarterly results after Thursday’s closing bell. The stock represents more than 7% of the tech ETF and is the fund’s third-largest holding.
Last week, Apple (AAPL) reported earnings of $6.40 per share on revenues of $24.67, which topped analyst projections of $5.36 per share on revenue of $23.34 billion and is an 83% increase in revenue year-over-year, reports Matt Phillips for The Wall Street Journal.
The company was backed by iPhone sales in the quarter, with 18.7 million of the smartphones sold, or a 113% unit growth year-over-year. Wall Street analysts had projected sales of 16.25 million.
Despite concerns over the cut in supply for high-tech parts coming out Japan, Apple maintained a gross margin of 41.4% as compared to 41.7% in the first quarter of last year.
Technology Select Sector SPDR
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Max Chen contributed to this article.