Stocks – S&P Turns Positive as Tech Fashions Rebound

By Yasin Ebrahim

Investing.com – The S&P turned positive Tuesday as investors continued to chase tech stocks higher ahead of key earnings for the sector.

The added 0.11%, while the gained 0.22% and the fell 0.06%.

Intel (NASDAQ:) and Micron (NASDAQ:) led a turnaround in tech stocks following bullish remarks from Wall Street.

Jefferies upgraded its rating on Intel (NASDAQ:) to hold from underperform, sending Intel 2% higher. The investment firm said it expected that management team changes and restructuring efforts at Intel will trigger a “dramatic change” in the next two years and boost the chipmaker’s earnings and stock price.

Longbow Research, meanwhile, upped its price target on Micron (NASDAQ:) to $69 from $67, sending the stock up 2%.

The turnaround in tech stocks come ahead of key earnings for the sector, with Netflix (NASDAQ:) and IBM (NYSE:) set to report after the closing bell.

Stocks started the day on the back foot as risk-assets were shunned in favor of safe havens following fears that a spread in the new coronavirus in China could dent tourism, hurting growth ahead of the Lunar New Year.

Rising fears that contagion of the virus would keep a lid on international travel hurt casino stocks, with Wynn Resorts (NASDAQ:) and Las Vegas Sands (NYSE:) down sharply.

Elsewhere, Tesla (NASDAQ:) jumped 6% after New Street raised its price target on the stock to a sell-side high of $800 from $530.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.