The Dow Jones Industrial Average (DJINDICES:^DJI) had risen 31 points as of 11:30 a.m. EDT. Intel (NASDAQ:INTC) was the index's worst-performing technology stock, but other tech names -- including the recently IPOed Weibo (NASDAQ:WB) and Advanced Micro Devices (NASDAQ:AMD) -- surged to the upside.
European markets remain closed
Most European stock markets on Monday remained shuttered in the wake of the Easter holiday, including France, Germany, Norway, Spain, the U.K., Switzerland, and Italy. Some emerging markets were also closed, including Brazil and South Africa. Most Asian markets were open for trading, but Hong Kong was an exception.
With many major markets closed, and few economic reports, it was no surprise that the Dow Jones was relatively unchanged during Monday's session. Still, investors shouldn't expect the malaise to continue throughout the week -- a number of major earnings reports and economic releases could bring some volatility back to the Dow Jones in the days ahead.
Intel sputters as AMD rises
PC chipmaker Intel fell just 0.5% in early trading -- a relatively modest drop for the tech giant. There weren't any major reports or news releases to explain Intel's move to the downside.
If there was a reason for Intel's sell-off, it may have had something to do with the earnings report from rival AMD. The two companies produce nearly all x86 processors, the chips powering traditional laptop and desktop PCs. Intel takes the vast majority of the market -- historically well more than 80% -- while AMD's chips account for the rest.
AMD shares at one point Monday were up more than 10% following an earnings report that exceeded analysts' expectations. Wall Street had expected AMD to report revenue of $1.34 billion, just breaking even for the quarter. But AMD generated revenue of $1.40 billion, with an adjusted earnings per share of $0.02.
That might have been seen as a positive for Intel -- if AMD was doing more business, the steady erosion of the traditional PC market (Intel's bread and butter) may have abated to some extent. However, it wasn't processors that allowed AMD to beat expectations, but rather graphics cards and video game consoles. AMD's chips power the recently released PlayStation 4 and Xbox One consoles, while its high-end graphics cards are sold to PC gamers and computing enthusiasts -- markets in which Intel plays no role.
Weibo remains volatile
Shares of the Chinese social media company rallied more than 10% in early trading. As with Intel, there wasn't much news to explain Weibo's move, but the volatility is hardly surprising.
Weibo only began trading last Thursday, and it has seen regular, aggressive moves. Even at these $22.57 as of 11:30 a.m. Weibo is still below its midsession high -- it traded near $24.50 on Thursday before experiencing a sharp sell-off. Investors who managed to snap up shares of Weibo at its IPO price of $17 are sitting on solid gains.