Shares of technology companies have seen a significant increase as traders eagerly pursue gains in this sector. The SPDR Select Sector Technology exchange-traded fund, which closely follows the tech industry group of the S&P 500, has achieved an impressive growth of over 52% year-to-date. This performance outshines all other sectors on the broad index.
Furthermore, the iShares Semiconductor SOXX exchange-traded fund, which tracks the PHLX Semiconductor index (SOXX), experienced a notable rise of more than 3% on Monday alone.
Investment advisers have caught the attention of the Securities and Exchange Commission (SEC), as they are being questioned about their utilization and supervision of artificial intelligence technologies. Agency head Gary Gensler has expressed his skepticism towards these advancements and aims to gain insights into their application.
Exciting news also arises from Bytedance’s TikTok, as it plans to invest over $1.5 billion in a deal with GoTo Group. This collaboration will enable the popular Chinese video-sharing app to resume retail operations in Indonesia, one of its most prosperous e-commerce markets.