Tech Stocks On Pace For Best Week In 7 Months

By Mark DeCambre Markets MarketWatch Pulse

The embattled technology sector is enjoying a mini resurgence, with Thursday gains putting the group on track for its best weekly rise in more than seven months. A popular way to bet on the group, the tech-oriented Technology Select Sector SPDR ETF is on pace to book a gain of 2.6%, which would mark the best weekly rise for the ETF since the period ended Dec. 9 when tech shares soared 4.2%, according to FactSet data. Since many tech giants, including Amazon.com Inc. , Nvidia Corp. hit recent peaks June 8, the sector started to give up gains that had taken it to records, as Wall Street investors raised questions about valuations. However, traders may now be trying to make opportunistic purchases, with the tech-heavy Nasdaq Composite Index on pace for its fifth straight up day, marking its longest streak of wins in about six weeks. More broadly, the S&P 500 index , where tech has the largest weighting among the benchmark's 11 sectors, is looking at a weekly gain of 0.8%. On the day, the S&P 500 is trading roughly flat at 2,444, the Dow Jones Industrial Average is little changed at 21,527, while the Nasdaq Composite Index also is steady at 6,262.

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