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.
Open | Close | Change | |
Macquarie Telecom Limited (ASX: MAQ) | $62.32 | $64.17 | 2.97% |
REA Group (ASX: REA) | $145.15 | $156.78 | 8.01% |
Atlassian (NAS: TEAM) (USD) | $177.85 | $174.48 | -1.89% |
Xero (ASX: XRO) | $107.06 | $114.72 | 7.15% |
Carsales.com (ASX: CAR) | $27.92 | $28.84 | 3.30% |
NEXTDC (ASX: NXT) | $11.94 | $12.53 | 4.94% |
WiseTech Global (ASX: WTC) | $58.03 | $63.64 | 9.67% |
Appen (ASX: APX) | $0.90 | $1.02 | 13.33% |
Airtasker (ASX: ART) | $0.18 | $0.18 | 0.00% |
Telstra (ASX: TLS) | $3.81 | $3.92 | 2.89% |
Adobe (NAS: ADBE) (USD) | $544.50 | $585.31 | 7.49% |
Salesforce (NYSE: CRM) (USD) | $203.91 | $211.47 | 3.71% |
Apple (NAS: AAPL) (USD) | $173.97 | $182.89 | 5.13% |
Alphabet (NAS: GOOGL) (USD) | $126.45 | $131.84 | 4.26% |
Meta (NAS: META) (USD) | $301.27 | $318.82 | 5.83% |
Microsoft (NAS: MSFT) (USD) | $346.07 | $363.20 | 4.95% |
Amazon (NAS: AMZN) (USD) | $137.00 | $142.08 | 3.71% |
Nvidia (NAS: NVDA) (USD) | $423.25 | $465.74 | 10.04% |
Netflix (NAS: NFLX) (USD) | $420.19 | $436.65 | 3.92% |
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