Major indexes are lower amid weakness in tech and freight stocks following earnings in both sectors.
Portfolio Pulse from Benzinga Newsdesk
Major stock indexes have declined due to underperformance in technology and freight sectors, influenced by recent earnings reports.
April 17, 2024 | 5:16 pm
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NEGATIVE IMPACT
DIA, tracking the Dow Jones, likely impacted by the overall market downturn, especially if it holds significant positions in tech or freight.
Given DIA's composition reflecting the Dow Jones Industrial Average, a downturn in major sectors such as tech and freight can negatively affect its performance.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
IWM, representing small-cap stocks, may see less direct impact from tech and freight earnings but could be influenced by overall market sentiment.
IWM's focus on small-cap stocks means it's less directly affected by specific sector performances but still vulnerable to broader market trends.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 40
NEGATIVE IMPACT
QQQ, heavily weighted towards tech stocks, is directly impacted by the underperformance in the technology sector following earnings.
With a significant portion of its portfolio in technology stocks, QQQ's performance is closely tied to the health of the tech sector.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 90
NEGATIVE IMPACT
QQQM, similar to QQQ but with a focus on mid-cap tech stocks, also faces negative impact from tech sector's earnings reports.
QQQM's alignment with QQQ but focus on mid-cap stocks means it shares the tech sector's vulnerabilities to earnings performance.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 85
NEGATIVE IMPACT
SPY, tracking the S&P 500, is affected by declines in tech and freight, sectors that have a significant presence in the index.
SPY's broad market exposure includes substantial investments in technology and freight, making it susceptible to sector-specific downturns.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 70