Major indexes are lower as tech and chip stocks pull back after surging on NVIDIA's strong earnings report. Weakness in recent retail earnings may be causing broader economic concerns while a rise in yields has pressured stocks.
Portfolio Pulse from Benzinga Newsdesk
Major indexes are down due to a pullback in tech and chip stocks after a surge following NVIDIA's strong earnings report. Recent weak retail earnings may be causing broader economic concerns, while a rise in yields has put pressure on stocks.
August 24, 2023 | 6:12 pm
News sentiment analysis
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NEGATIVE IMPACT
The Dow Jones Industrial Average (DIA) is likely affected by the pullback in tech and chip stocks and the rise in yields.
The pullback in tech and chip stocks, along with rising yields, is likely causing downward pressure on the DIA.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The Russell 2000 Index (IWM) may be affected by the pullback in tech and chip stocks and the rise in yields.
The pullback in tech and chip stocks, along with rising yields, is likely causing downward pressure on the IWM.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
NVIDIA's strong earnings report initially caused a surge in tech and chip stocks, but a subsequent pullback is now observed.
NVIDIA's strong earnings report led to a surge in its stock and other tech and chip stocks. However, a pullback is now being observed, which could negatively impact NVIDIA's stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The NASDAQ 100 Index (QQQ) is likely affected by the pullback in tech and chip stocks.
The pullback in tech and chip stocks is likely causing downward pressure on the QQQ, given its heavy tech weighting.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The S&P 500 Index (SPY) may be affected by the pullback in tech and chip stocks and the rise in yields.
The pullback in tech and chip stocks, along with rising yields, is likely causing downward pressure on the SPY.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80