Arrow Electronics is growing its five-day winning streak by closing at $120.18, gaining 0.93%.

A quick look at yesterday: after dipping down to $117.1, Arrow Electronics regained earlier losses and reached $120.18.

United States ISM Non-Manufacturing PMI (Feb) is next today at 15:00 UTC.

Arrow Electronics's uptick comes amid good United States macroeconomic data released during the day — highly important Initial Jobless Claims data from United States beat analyst expectations of 195,000 with a reading of 190,000.

Meanwhile, United States Nonfarm Productivity (QoQ) (Q4) released yesterday at 13:30 UTC with a figure of 1.7, while the previous figure was 1.4. United States Unit Labor Costs (QoQ) (Q4) came out at 3.2, while a consensus of analysts was expecting 1.6.

Arrow Electronics, Inc. made an initial breakout above its 10 day Simple Moving Average at $120.25, a potential indicator of a newly emerging bullish phase. In contrast, Arrow Electronics could be slowing down soon as it approaches resistance at $121.37. Of course, crossing it might suggest further gains are ahead.

Overall, looking at the technical analysis landscape, it seems Arrow Electronics might continue pointing upwards in the short term.

A look at other technology stocks also showed bullish price action as Salesforce added 11.5% to its value, and traded at $186.59. Intel gained 3.43%, as it traded at $26.2. Adobe traded at $333.5 after closing yesterday's trading day at $323.38 (up 3.13%).

Furthermore, the market is looking at United States ISM Non-Manufacturing PMI (Feb) is scheduled for today at 15:00 UTC.

The electronics company has fallen back around 10.16% from the significant high of $132.53 set 29 days ago.