Tag: broad

Amazon sees broad audience for its palm recognition tech

Amazon is introducing new palm recognition technology in a pair of Seattle stores and sees broader uses in places like stadiums and offices

SEATTLE — Amazon has introduced new palm recognition technology in a pair of Seattle stores and sees a broader potential audience in stadiums, offices and other gated or secured locations.

“And it’s contactless, which we think customers will appreciate, especially in current times,” Kumar wrote in

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S&P 500 and Nasdaq close higher as tech leads broad market gains

Stocks rose on Tuesday, building on the strong performance from the previous session, on the back of broad market gains and solid economic data.

The S&P 500 gained 0.5% to close at 3,401.20 and the Nasdaq Composite advanced 1.2% to 11,190.32. The Dow Jones Industrial Average closed just above the flatline at 27,995.60 after rising as much as 237 points. 

Microsoft jumped 1.6%. Amazon and Alphabet each rose 1.7%. Netflix gained 4.1% and Facebook closed higher by 2.4%. Tesla shares, meanwhile, popped 7.2% after surging more than 12% on Monday. Tuesday marked the second straight solid performance for Big Tech after the group’s sharp sell-off last week, which pressured the broader market.

Other parts of the market participated in Tuesday’s move higher. The S&P 500 real estate and utilities sectors were up 1.4% and 0.7%, respectively. Materials, industrials and health care were also higher. 

“The market is doing its best

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S&P 500 News: Amazon Leads Big Tech Stock Sell-Off, Wiping Out Broad Gains in Other Sectors

On the surface, Friday’s relatively flat finish by the S&P 500 Index (SNPINDEX:^SPX) might make it seem like it was a calm day on Wall Street. The reality: It was another painfully volatile day in a volatile week for tech stocks, which fell sharply enough to wipe out gains in almost every other sector. 

Amazon (NASDAQ:AMZN) shares fell almost 2%, leading big tech lower as almost every tech stock with a market cap above $200 billion closed lower to end the week. While tech was falling, every other sector except real estate gained in value, with industrials and materials sectors both up more than 1% to close out the week. Fertilizer company Mosaic, paper and packaging giant Avery Dennison, mining giant Freeport-McMoRan, and refiner Marathon Petroleum led their sectors higher, with all up 3% or more. 

Person with perplexed expression in front of scales drawn on a chalkboard.

Image source: Getty Images.

Investors continue moving out of big tech

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Portland passes broad ban on facial recognition tech

Council members in Portland unanimously approved prohibiting public and private use of facial recognition technology — giving the Oregon city the broadest such ban nationwide.

The ordinances approved Wednesday by the Portland City Council were introduced by Mayor Ted Wheeler and City Commissioner Jo Ann Hardesty. A ban on the technology used by city departments goes into effect immediately, while private businesses throughout Portland will need to comply starting on Jan. 1, The Oregonian reports.

“This is an exciting opportunity to set a national example by protecting the right of privacy of our community members, especially our most vulnerable and overpoliced members,” Hardesty tweeted late Wednesday.

Hardesty said problems associated with facial recognition technology are “almost too numerous to count,” including racial and gender inaccuracies, privacy concerns and issues of consent, among others.

The public-sector ban blocks city agencies from using the technology, while the private-sector ban will bar businesses

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Tech Has Worst Day Since June In Broad Sell-Off Hitting Apple, Chip Stocks

Key Takeaways:

  • Tech gets slammed across the board as mega-caps see biggest losses since June
  • Volatility hits two-month high after showing signs of rally earlier this week
  • All sectors end lower, but “unloved” Financials, Energy perform best

They say everything happens for a reason, so it’s not too surprising that Thursday’s market wipeout occurred one day before the jobs report and as investors looked ahead to a three-day holiday weekend.

The markets were due for a selloff—let’s be honest. As we noted earlier this week, It seems like a natural time to expect profit-taking even in a normal market, but that’s even more the case here with the S&P 500 Index (SPX) starting Thursday at an all-time peak and about 15% above its 200-day moving average. From a technical standpoint, that’s historically high and might have had people feeling a bit queasy about taking on fresh

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Dow, S&P 500 cap off best August in more than 30 years as tech rally offsets broad weakness

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  • US stocks closed mixed on Monday as an Apple-led rally in tech shares offset broad weakness in the energy, material, and financial sectors.
  • The benchmark S&P 500 slid slightly but still posted its best August return since 1986. The Dow Jones industrial average saw its strongest August since 1984.
  • Both Apple and Tesla gained after undergoing stock splits.
  • The strong month comes as coronavirus cases continue to climb in the US. Tensions between the US and China also remain elevated over the potential sale of TikTok.
  • Read more on Business Insider.

US stocks closed mixed on Monday as as an Apple-led rally in tech shares offset broad weakness in the energy, material, and financial sectors. The Dow Jones industrial average and S&P 500 ultimately capped off their best August returns since the mid-1980s.

The benchmark S&P 500 slid slightly but still posted its best August return since 1986.

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