Shares of technology companies rose as traders bet the sector's earnings reports would live up to sky-high expectations.
"Five of the Magnificent Seven [are reporting] this week...it's kind of the earnings extravaganza," said J.D. Joyce, president of financial advisory Joyce Wealth Management.
"There's so much growth coming from those companies right now. They could be trading at a high multiple, but they're also growing at a fast clip," Joyce said.
Amazon.com abandoned its planned $1.7 billion acquisition of robotic vacuum maker iRobot amid regulatory pushback against the deal.
Tesla expects to spend more than $10 billion in capital expenditures in the current fiscal year, but forecasts that figure to decline in the following two years.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-29-24 1724ET
