How's tech doing?
It's been a wild week for tech, from a selloff to a surge in the Nasdaq.
TheStreet's Joseph Woelfel noted that, on Thursday, part of the sentiment boost came from the House passage of President Joe Biden's $1.9 trillion coronavirus relief bill. The president is expected to sign the bill Friday. Under the package, millions of Americans will receive $1,400 stimulus checks, enhanced unemployment benefits will be extended and funding for vaccine distribution and the reopening of schools will be ramped up.
And then, there's also the CPI reading. TheStreet's Martin Baccardax, in his premarket note to readers, wrote that the February CPI reading showed core consumer prices rising just 0.1% from the previous month, assuaging fears that the Biden stimulus, surging commodity prices and accelerating vaccine rollouts would kindle faster inflation.
Kenny Polcari, managing partner at Kace Capital Advisors, weighed in on tech and warned investors to not feel too much FOMO.
Recap TheStreet Live: Everything Moving the Markets Thursday