New Year, Low VIX: Investors Stay Calm As 2024 Opens To Turbulent Markets
Portfolio Pulse from Neil Dennis
Despite a tough week for equity markets and the S&P 500 facing its first weekly loss after nine-straight gains, the VIX Volatility Index remains historically low, indicating that traders are not in panic mode. The SPDR S&P 500 ETF (SPY) and tech giants Apple (AAPL), Amazon (AMZN), Tesla (TSLA), Alphabet (GOOGL), Microsoft (MSFT), Nvidia (NVDA), and Meta Platforms (META) experienced pullbacks this week. The 'Magnificent Seven' tech giants had a significant impact on the S&P 500's performance, and their recent losses have contributed to the index's decline. Investors are now watching for the market's direction in the coming weeks.
January 05, 2024 | 8:39 pm
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NEGATIVE IMPACT
Apple's stock is down 5.5% this week, contributing to the S&P 500's decline, after a significant rally in 2023.
Apple's decline this week is notable given its size and influence on the S&P 500. The pullback may continue in the short term as the market digests recent gains.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
Amazon's stock is down 4.2% this week, reflecting broader market trends and the pullback of tech giants.
Amazon's stock decline is part of the broader market pullback, especially in the tech sector. Short-term impact is likely negative as investors assess market conditions.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Alphabet's stock is down 2.7% this week, as part of the overall tech sector's retreat from recent highs.
Alphabet's stock is experiencing a pullback along with other tech giants, which may lead to a short-term negative impact on its stock price.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 80
NEGATIVE IMPACT
Meta Platforms' stock is down 0.5% this week, indicating a less significant pullback than other major tech companies.
Meta Platforms' minor decline this week may suggest a more stable short-term outlook, but it remains affected by the overall tech sector's performance.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Microsoft's stock is down 2% this week, indicating a broader market correction, particularly in the technology sector.
Microsoft's decline is part of a market-wide correction, with a short-term negative impact expected as investors take profits and reassess positions.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 80
NEGATIVE IMPACT
Nvidia's stock is down just 0.6% this week, showing relative resilience compared to other tech stocks.
Nvidia's slight decline suggests it may be more resilient in the short term compared to other tech giants, but it's still subject to the same market pressures.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
SPY, which tracks the S&P 500, saw a 16% gain from late October to December but is now experiencing a pullback as investors take profits.
SPY is directly impacted by the overall performance of the S&P 500, which is facing a pullback. The ETF's recent gains may lead to profit-taking, which could result in a short-term negative impact on its price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Tesla's stock is down 4% this week, aligning with the downward trend seen in other major tech companies.
Tesla's stock decline is consistent with the broader tech sector's performance. The short-term outlook may remain negative as the market evaluates the next direction.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80