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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Microsoft Corporation    MSFT

MICROSOFT CORPORATION

(MSFT)
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Tech boost lifts S&P to record as U.S. Treasury yields retreat

04/08/2021 | 02:49pm EDT

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)

* Growth stocks outperform value stocks

* Canopy Growth down on deal to buy Supreme Cannabis

* Dow up 0.05%, S&P 500 up 0.40%, Nasdaq up 0.96%

NEW YORK, April 8 (Reuters) - The S&P 500 hit a record high on Thursday, as Treasury yields fell following softer-than-anticipated labor market data and helped lift technology and other growth stocks.

Weekly initial jobless claims data showed a second straight rise, conflicting with the recent payrolls report, and buttressed the Federal Reserve's dovish policy stance to keep interest rates lower for a substantial period.

Federal Reserve Chair Jerome Powell signaled on Wednesday the central bank is nowhere near to reducing its support for the U.S. economy, noting that an expected rise in prices this year is likely to be temporary.

The softer data helped yields on the benchmark 10-year U.S. Treasury note fall as low as 1.628% for a second straight day as it continues to back away from a 14-month high of 1.776% hit in late March.

"Both markets have been given the same communication and the same information, but the bond market is thinking that when inflation runs a little bit hot, the Fed is going to make certain changes," said Mike Zigmont, head of research and trading at Harvest Volatility Management in New York.

"And the equity market is thinking when inflation runs a little bit hot, the Fed will make no changes."

The Dow Jones Industrial Average rose 18.07 points, or 0.05%, to 33,464.33, the S&P 500 gained 16.25 points, or 0.40%, to 4,096.2 and the Nasdaq Composite added 130.75 points, or 0.96%, to 13,819.60.

The recent pullback in yields has helped high growth names such as those in the technology sector, the best performing sector on the day, while megacap stocks such as Apple , Microsoft and Amazon were the biggest boosts to the S&P 500.

The gains have also sent the tech-heavy Nasdaq to a seven-week high and within 2% of its February 12 record closing high.

The Russell 1000 growth index, which consists of tech-related stocks, gained 1.05%, while its value counterpart , comprising mostly financials and energy names, slipped 0.11%.

Trading activity has also tapered off, with the three lowest volume days of the year occurring this week ahead of first-quarter earnings season next week with results from big U.S. banks on tap. Analysts have raised expectations for first-quarter S&P 500 earnings increase to 24.2%, according to Refinitiv IBES data as of April 1, versus 21% forecast on Feb. 5.

Tesla Inc gained 2.02% on the Joe Biden administration's $174 billion proposal to boost electric vehicles.

U.S. shares of Canopy Growth Corp dropped about 4.54% on a deal to buy rival Supreme Cannabis Co Inc for C$323.3 million ($256.9 million), as the world's biggest cannabis producer bolsters its portfolio to tap surging demand.

Advancing issues outnumbered declining ones on the NYSE by a 1.51-to-1 ratio; on Nasdaq, a 1.67-to-1 ratio favored advancers.

The S&P 500 posted 34 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 64 new highs and 25 new lows. (Reporting by Chuck Mikolajczak; Editing by David Gregorio)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 0.21% 3379.39 Delayed Quote.3.54%
APPLE INC. -1.32% 131.24 Delayed Quote.-1.09%
CANOPY GROWTH CORPORATION -4.30% 34.73 Delayed Quote.10.89%
DJ INDUSTRIAL -0.16% 33745.4 Delayed Quote.10.44%
MICROSOFT CORPORATION 0.02% 255.91 Delayed Quote.15.03%
NASDAQ 100 -0.19% 13819.350599 Delayed Quote.7.22%
NASDAQ COMP. -0.36% 13849.999041 Delayed Quote.7.46%
S&P 500 -0.02% 4127.99 Delayed Quote.9.92%
TESLA, INC. 3.69% 701.98 Delayed Quote.-0.52%
THE SUPREME CANNABIS COMPANY, INC. -5.00% 0.38 Delayed Quote.158.06%
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Financials (USD)
Sales 2021 164 B - -
Net income 2021 56 017 M - -
Net cash 2021 78 333 M - -
P/E ratio 2021 34,8x
Yield 2021 0,86%
Capitalization 1 930 B 1 930 B -
EV / Sales 2021 11,3x
EV / Sales 2022 10,1x
Nbr of Employees 163 000
Free-Float 99,9%
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Technical analysis trends MICROSOFT CORPORATION
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Mean consensus OUTPERFORM
Number of Analysts 41
Average target price 276,27 $
Last Close Price 255,91 $
Spread / Highest target 23,1%
Spread / Average Target 7,96%
Spread / Lowest Target -14,0%
EPS Revisions
Managers and Directors
NameTitle
Satya Nadella Chief Executive Officer & Non-Independent Director
Bradford L. Smith President & Chief Legal Officer
Amy E. Hood Chief Financial Officer & Executive Vice President
John Wendell Thompson Independent Chairman
James Kevin Scott Chief Technology Officer & Executive VP
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