Big Tech ETF rises sharply as these megacap stocks help lift S&P 500
So-called Big Tech stocks with outsized weightings in the S&P 500 were rising sharply Wednesday, with gains led by Nvidia Corp.
The Roundhill Magnificent Seven ETF, whose portfolio equally weights seven Big Tech stocks — Nvidia, Apple Inc., Microsoft Corp., Google parent Alphabet Inc., Amazon.com Inc., Tesla Inc. and Facebook parent Meta Platforms Inc. — was up a sharp 1.7% on Wednesday morning, according to FactSet data, at last check.
Nvidia had the biggest gain in the group, up 4.4%, followed by Microsoft’s 3.4% gain, FactSet data show, at last check. Both companies have market values exceeding $3 trillion.
Meta and Amazon shares were also up sharply, each gaining 1.9% on Wednesday morning. The S&P 500 was climbing 0.7% in morning trade, getting a boost from its tech sector’s sharp rally.