Technology stocks hit their first all-time high since July

Technology stocks hit new highs on Wednesday as tech-heavy companies Nasdaq Composite rose 1%, with investors flocking to key software and megacap companies.

The Technology Select Sector SPDR Fund (XLK) rose 1.5%, rebounding for the fourth straight session since mid-October and surpassing its previous high set in July.

The rally came amid a rebound among major software vendors Salesforce rose more than 9% after reporting strong gains after the bell on Tuesday. Adobe rose by 4% and ServiceNow rose by more than 5%. Godaddy, oracle And Palo Alto Networks each increased by around 3%.

Major megacap technology stocks also rallied Apple The increase increased by 0.1% and reached a new record. Amazon outperformed the “Magnificent Seven” titles and gained more than 2% Nvidia, alphabet And Microsoft each increased by at least 1%, Metaplatforms was the only laggard in the group, down about 0.9%.

Marvell technology was another clear winner, rising 21% after a solid quarter. In the semiconductor sector Broadcom And Arm stocks about 1% added.

Other technology funds that reached new highs included First Trust Cloud Computing ETF (SKYY) And iShares Expanded Tech Software Sector ETF (IGV).