Shares of Apple (AAPL -1.00%), Amazon (AMZN 0.23%), and Intel (INTC 0.02%) were all rising today as the broader market made gains amid rising investor optimism. The tech-heavy Nasdaq Composite was up by 3% and the S&P 500 gained 2.6% this afternoon, likely helping to lift stocks higher.
Additionally, Apple may have been rising after positive comments from an analyst, and Intel was likely gaining as Congress works on a bill to help boost chip production in the U.S.
Apple was up by 2.5%, Amazon had gained 4%, and Intel was up 5% as of 2:20 p.m. ET.
Investors were generally optimistic today as some are betting that the technology sector has already hit the bottom. Stocks have, of course, tumbled recently as investors have sold shares on fears of rising inflation, Federal Reserve interest rate hikes, and a potentially slowing economy.
Many stocks -- including Apple, Amazon, and Intel -- have suffered as investors have fled the market for safer places to put their money. That's resulted in Apple falling 15%, Amazon down 29%, and Intel sliding 20% year to date.
But some investors may now be looking at the share prices of these stocks and believing that they've finally reached the bottom.
With investors already expecting inflation to be persistent and the Federal Reserve to continue hiking rates, some investors think these headwinds are already baked into many stock prices right now.
As investors came back to the broader market today, Apple, Amazon, and Intel all benefited. But Apple may have also been rising after Wedbush analyst Daniel Ives said in an investor note that he believes iPhone demand is holding up fairly well despite supply chain headwinds.
Additionally, Intel's stock is likely rising today after a recent Wall Street Journal report said that draft Senate legislation shows that the U.S. could invest as much as $52 billion, through subsidies, to increase semiconductor manufacturing in the country.
The U.S. wants to invest in chip manufacturing as a way to stay competitive with China's chip production amid growing tensions between the two countries.
While it's good to see Apple, Amazon, and Intel making gains today, investors should also understand that there's still a lot of uncertainty in the market right now.
That doesn't mean that these companies aren't great long-term investments, but investors should pay extra close attention to the companies' upcoming earnings reports to see how each is navigating supply chain issues, rising costs, and a potential economic slowdown.
Apple, Amazon, and Intel will all report their latest financial results on July 28.