American tech giant International Business Machines or IBM (NYSE: IBM) was among the companies which rarely survived through market slowdown. Overall market witnessed a notable downfall with major tech company stocks tumbling. Rather than going down, IBM stock witnessed a growth this year until now.
For 2022, there remained numerous reasons to affect the market growth. Many tech companies experienced a favorable surge during the pandemic, which did not continue after things got back to normal though. Since people returned to their old habits, the growth of the tech sector confronted a halt. To make things worse, Russia-Ukraine war, Federal Reserves interest rate hikes, looming skepticism of recession emerged as key factors to make market tremble.
Majority companies heavily bruised during these conditions rose after inflation and interest rate hikes. However, a handful of companies were exceptions as they continued to thrive even during such times. More mature companies with less volatility and prone to recession performed relatively well. The ‘Big Blue’ falls under the same category and IBM stock remained more or less in growth.
According to CNBC, only two companies from the US tech industry worth over 50 billion USD whose stock price registered YOY growth. Other than IBM with over 6% gain, cloud computing company VMware remained in the gainers list.
The growth of IBM stock might not seem significant, it’s notable that the computer hardware producers are not the one which assured great returns over a short timeframe. It remained stable during the time when stock prices of other tech companies declined significantly.
During the same timeframe , Amazon by 51%, Meta dropped up to 66% and Tesla down by 68%.
IBM stock price came back into the wide consolidation range below the $145 mark. Meanwhile, buyers don’t want to lose grip on assets, thus they barely accumulate prices above the 0.618 level of fib retracement. The latest annual high of $153 flipped into the vital resistance level due to profit booking.
Currently it is trading at 140.02 with a slight drop of 1.69% within the last 24 hours.
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Source: https://www.thecoinrepublic.com/2022/12/29/ibm-stock-remained-steady-this-year-what-about-2023/