Stocks – S&P Turns Positive as Tech Fashions Rebound

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By Yasin Ebrahim – 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.

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