Tech Stocks Recover Following Rates Optimism – She’s Got The Stocks 9 November 2023

Tech Stocks Recover Following Rates Optimism – She’s Got The Stocks 9 November 2023

This week tech stocks continued to recover as investors remained optimistic that the FED is finally done with its rate hiking in response to inflation.

The yield on the 10-year Treasury bond is now trading at 4.58 per cent after reaching a historic high of 5 per cent back in October.

The tech-heavy Nasdaq Composite is up 3.17 per cent in the past five days and the S&P 500 is up 2.68 per cent.

In Australia, NAB CEO Ross McEwan said expectations that the rate-hike cycle is nearly over is boosting consumers and business confidence. With markets now pricing little change in benchmark borrowing costs over the next year in Australia, he said there’s a more benign economic outlook for the rest of the year.

TRENDING NOW

Atlassian was the only stock in the Women Leading Tech index to see a fall in earnings this week.

The US software company saw a drop of nearly 2 per cent in share price week-on-week as it reported a slowing in growth for the fifth consecutive quarter.

While Atlassian’s results beat earnings – earnings per share were at 65 cents rather than the 54 cents per share expected – it was not enough to keep its shares from plummeting.

For the quarter ending 30 September it had a net loss of US$31.9 million (AU$49.8 million), or 12 cents (19 Australian cents) per share, up from US$13.7 million (AU$21.39 million) the year before.

The software company Xero made a profit of US$50 million (AU$78 million) in the six months up to 30 September, after losing US$16.1 million (AU$25.13 million) in the same period before. Its sales jumped some 21 per cent to US$799.5 million (AU$1.25 billion) and its profits before certain costs were calculated rose by 90 per cent to US$206.1 million (AU$321 million).

The company, worth US$17 billion (AU$26.5 billion), saw its stock prices rise over 60 per cent this year with Sukhinder Singh Cassidy as the new CEO. Cassidy said the firm was focusing on growth strategies to improve its performance and will keep offering great value to customers while managing growth and profit. Despite the profit result, Xero plunged 6.8 per cent in early ASX trading.

OpenCloseChange
Macquarie Telecom Limited (ASX: MAQ)$62.32$64.172.97%
REA Group (ASX: REA)$145.15$156.788.01%
Atlassian (NAS: TEAM) (USD)$177.85$174.48-1.89%
Xero (ASX: XRO)$107.06$114.727.15%
Carsales.com (ASX: CAR)$27.92$28.843.30%
NEXTDC (ASX: NXT)$11.94$12.534.94%
WiseTech Global (ASX: WTC)$58.03$63.649.67%
Appen (ASX: APX)$0.90$1.0213.33%
Airtasker (ASX: ART)$0.18$0.180.00%
Telstra (ASX: TLS)$3.81$3.922.89%
Adobe (NAS: ADBE) (USD)$544.50$585.317.49%
Salesforce (NYSE: CRM) (USD)$203.91$211.473.71%
Apple (NAS: AAPL) (USD)$173.97$182.895.13%
Alphabet (NAS: GOOGL) (USD)$126.45$131.844.26%
Meta (NAS: META) (USD)$301.27$318.825.83%
Microsoft (NAS: MSFT) (USD)$346.07$363.204.95%
Amazon (NAS: AMZN) (USD)$137.00$142.083.71%
Nvidia (NAS: NVDA) (USD)$423.25$465.7410.04%
Netflix (NAS: NFLX) (USD)$420.19$436.653.92%

Latest News

Fighting For ‘Attention’: How To Measure Campaigns In Today’s Content Saturated World
  • Partner Content

Fighting For ‘Attention’: How To Measure Campaigns In Today’s Content Saturated World

When it comes to ad campaigns, have you ever felt you’re ‘fighting’ for your audience’s attention? You’re not alone. Attracting and retaining audience attention in today’s digitally fragmented environment has never been more challenging. In fact, a recent study by Microsoft concluded that the human attention span has dropped to eight seconds – shrinking nearly […]

Partner Content
Women Paving the Path In Tech & Loyalty Share Key Insights
  • Technology

Women Paving the Path In Tech & Loyalty Share Key Insights

In the ever-evolving landscape of technology and loyalty, women are not just breaking barriers but reshaping the future. As we celebrate International Women’s Day and rally behind the theme of investing in women to accelerate progress, we made a conscious choice to forego the statistics that underscore the ongoing journey towards true gender parity. Instead, […]

Empowering Change: Women Leading The Generative AI Revolution In Marketing For International Women’s Day
  • Marketing

Empowering Change: Women Leading The Generative AI Revolution In Marketing For International Women’s Day

The theme for this year’s International Women’s Day, “Inspire Inclusion”, establishes a poignant tone for fostering authentic change. It perfectly mirrors the dynamic landscape of marketing, where change is the only constant. The last third-party cookie has finally crumbled, privacy laws are tightening, and now, Generative AI is quickly ushering in a new era of […]

Stevie-Ann Dovico Moves From NAB To Beyond Bank
  • Fintech

Stevie-Ann Dovico Moves From NAB To Beyond Bank

Stevie-Ann Dovico (lead image), has made the shift to customer-owned, Beyond Bank as its new chief information officer. The announcement came via Linkedin with happy to share that she is “ready to create real impact for and with our people, customers and communities” in her new role. Dovico replaces Fiona Floyd, who left the role […]

Redefining Tech Leadership: Deputy’s C-Suite Now 80% Women
  • Technology

Redefining Tech Leadership: Deputy’s C-Suite Now 80% Women

Deputy, the leading global people platform for hourly work, has announced the appointment of Sejal Patel Daswani (lead image) as its new chief people officer, resulting in a shift in the composition of its senior leadership, with women now making up 80% of the company’s C-Suite. Daswani has led people functions at every stage and […]

Acronis Names Cybersecurity Channel Veteran Kelly Johnson As General Manager For Australia & New Zealand
  • Technology

Acronis Names Cybersecurity Channel Veteran Kelly Johnson As General Manager For Australia & New Zealand

Acronis has appointed Kelly Johnson (lead image)as the new general manager for Australia and New Zealand. Johnson will lead the channel-focused business, strengthening relationships with distributors and supporting partners to meet the cybersecurity demands of modern businesses in the region. With the growing pressure on Australian businesses for cybersecurity and the drive to comply with […]

Aquent Salary Guide Reveals The Gender Pay Gap Persists In Marketing, Design & Technology Fields
  • Marketing
  • Technology

Aquent Salary Guide Reveals The Gender Pay Gap Persists In Marketing, Design & Technology Fields

Aquent has released its 2024 Australian Salary Guide for marketing, design, and technology talent. This year, it explores how marketing, design, and technology roles are expanding, deep dives into gender pay gaps, and examines the movement of salaries year-on-year—both in growth and decline. Paired with Aquent’s 2023 Talent Insights Report, the Salary Guide helps organisations […]

Tech Salaries Continue To Steady Out As Businesses Remain Cautious
  • Technology

Tech Salaries Continue To Steady Out As Businesses Remain Cautious

The hiring market is experiencing significant change, fluctuating between a frenzied candidate-short market and a more cautious employer-driven market, according to Talent’s ‘More Than Money Salary Guide 2024’. Tech and digital salaries continue to steady out but remain strong for key skillsets such as cybersecurity and AI. The report features key salaries, roles and skills […]

Surging Job Satisfaction For Australia’s Young Tech Workers Amid Labour Market Cooling
  • Technology

Surging Job Satisfaction For Australia’s Young Tech Workers Amid Labour Market Cooling

While 2021’s big workplace trend was The Great Resignation, 2024’s big trend is likely to be ‘The Big Stay’ in Australia, concludes modern HR platform HiBob in its latest research of young Australians working in the tech sector. The combination of decreasing Australian job vacancies and a remarkable increase in job satisfaction among Australia’s young tech workers in 2023 […]