Here were the biggest movers among tech stocks in the S&P 500 on Tuesday, June 23:
Apple (AAPL) - Get Report was rising 2.6% to $368.30 following its annual WWDC keynote on Monday. At the keynote, Apple announced a slew of new software updates across its operating systems, including iOS14, and also revealed plans to move away from Intel (INTC) - Get Report chips and towards its own Apple silicon architecture starting later this year. Analysts issued varying reactions to the big announcement.
Amazon (AMZN) - Get Report shares rose 2.1% to $2,771.58 owing to a smattering of news related to its core e-commerce business, which is likely poised for a huge second quarter. Amazon launched a summer fashion sale, signaling its plans to expand aggressively into areas like apparel, and also created a $2 billion climate fund. Analysts believe that Amazon's heavy investments in e-commerce, which it announced on its last earnings call, could bear fruit in the second half of the year.
Shares of Micron (MU) - Get Report were down 2.2% to $50.05 on Tuesday after it received a downgrade from BMO Capital Markets. In a note, a BMO analyst wrote that consensus estimates are "not reflective of the weaker pricing environment" in data center memory chips, and re-rated the stock Market Perform with a $55 price target, down from $60 per share.
Shares of video game giant Electronic Arts (EA) - Get Report rose 2.3% to $132.70. At an investor meeting on Monday, EA's COO and CFO Blake Jorgensen told investors that the company's second quarter financial results, which are due out at the end of July, "exceeded [EA's] expectations" across its businesses.
PayPal (PYPL) - Get Report continued its gains on Tuesday, rising 2.6% to $174.65. On Monday, Credit Suisse raised the fintech firm's price target to an analyst high of $190 per share on the belief that the market is undervaluing the stock.