The tech sector (NYSEARCA:XLK) is up 1% and the Philadelphia Semiconductor Index gains 1.6% as we close out a week of big tech earnings (including Amazon, Apple, and Microsoft) with President Trump optimistic on a China trade deal.
The US-China trade ware made January a rough month for China-exposed tech stocks. Chinese internet stocks were among the largest decliners in the month with Autohome (NYSE:ATHM) down 7.5%, Bitauto (NYSE:BITA) down 22%, and Uxin (NASDAQ:UXIN) down 29.8%.
Qualcomm (NASDAQ:QCOM) fell 23% to become one of the largest U.S. large-cap decliners in the past month. Legal challenges with Apple and the FTC weighed QCOM before this week's earnings report beat estimates.
January gainers included Luxoft (NYSE:LXFT) +90.8% after DXC acquired the company for $2B, Xerox (NYSE:XRX) +42.8% on mixed earnings and Citi mentioning its buyout potential, and AMD (NASDAQ:AMD) +32% benefitting from Nvidia's earnings warning.
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