Beninga Closing Bell Update: Oil Rises, Healthcare Stocks Continue Lower, Tech Pulls Back On Rising Yields
Portfolio Pulse from Benzinga Newsdesk
Oil prices increased, while healthcare and technology stocks declined due to rising yields. The ETFs IYH, QQQ, XLK, and USO are directly impacted by these market movements.
April 02, 2024 | 7:47 pm
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NEGATIVE IMPACT
Healthcare stocks, represented by IYH, continued to decline amidst market conditions.
The decline in healthcare stocks directly impacts IYH, which tracks the healthcare sector. Rising yields often lead to a shift away from growth-sensitive sectors like healthcare.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Technology stocks, part of QQQ's portfolio, pulled back due to rising yields.
QQQ, which includes major technology companies, is negatively affected by rising yields as investors reassess the sector's growth prospects.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
Technology sector ETF XLK experienced a pullback amid rising yields, affecting its stock price.
XLK, which tracks technology stocks, is negatively influenced by the increase in yields, leading to a decrease in its stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Oil prices increased, positively impacting USO, an ETF tracking the performance of oil.
USO benefits directly from the rise in oil prices, as it is designed to track the daily price movements of oil.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90