Tech Up on Earnings Optimism -- Tech Roundup

Shares of technology companies rose amid optimism about quarterly earnings and as a wave of layoffs at Silicon Valley giants continued.

Google parent Alphabet warned it would lay off 12,000 workers, or about 6% of its employees. Google's staff cuts follow similar moves by Amazon.com and Microsoft.

"They join the litany of tech companies that are cutting, and there's been an issue with their management of costs, so the fact they're taking a position on costs cuts is attractive for the market," said Quincy Krosby, chief global strategist at brokerage LPL Financial.

The Select Sector SPDR Technology exchange-traded fund, which tracks the tech sector of the S&P 500, rose by more than 2%, bringing gains for the year to date to roughly 6%.

"When they've come out before the mega cap helps Netflix has traditionally set the stage for positive reports from the rest of the mega caps," said Ms Krosby.

Among mega caps reporting earnings next week, Microsoft rose by almost 4%.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

01-20-23 1701ET