Nasdaq 100, S&P 500 Close At Record Highs As Tech Stocks Reclaim Dominance: Thursday's Gainers & Losers
Portfolio Pulse from Piero Cingari
The Nasdaq 100 and S&P 500 closed at record highs, driven by gains in tech stocks. The Nasdaq 100 rose 0.6% to 19,576 points, while the S&P 500 increased 0.2% to 5,433 points. Treasury Secretary Janet Yellen's optimistic comments on disinflation and a strong job market boosted investor confidence. The market is pricing in a high probability of rate cuts by the end of the year. Technology and real estate sectors led the gains, while energy and communication services lagged.
June 13, 2024 | 8:35 pm
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POSITIVE IMPACT
Broadcom Inc. (AVGO) was one of the top risers in both the Nasdaq 100 and S&P 500, with a significant gain of 12.29%.
Broadcom's significant gain reflects strong performance and investor confidence in the company's prospects. This positive momentum is likely to continue in the short term.
CONFIDENCE 95
IMPORTANCE 95
RELEVANCE 90
POSITIVE IMPACT
NVIDIA Corporation (NVDA) rose by 3.33%, contributing to the tech sector's strong performance.
NVIDIA's strong performance is a key driver of the tech sector's gains. The company's positive momentum is likely to continue in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 80
POSITIVE IMPACT
Super Micro Computer Inc. (SMCI) was the top riser in the S&P 500, with a significant gain of 12.45%.
Super Micro Computer's significant gain reflects strong performance and investor confidence in the company's prospects. This positive momentum is likely to continue in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 80
POSITIVE IMPACT
Tesla, Inc. (TSLA) increased by 2.84%, contributing to the tech sector's strong performance.
Tesla's strong performance is a key driver of the tech sector's gains. The company's positive momentum is likely to continue in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 80
POSITIVE IMPACT
The Technology Select Sector SPDR Fund (XLK) rose 1.02%, leading the gains among S&P 500 sectors, driven by strong performance in tech stocks.
Tech stocks have been the primary driver of market gains, and XLK's performance reflects this trend. The sector's strong performance is likely to continue in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 80
POSITIVE IMPACT
The Real Estate Select Sector SPDR Fund (XLRE) increased by 0.52%, supported by growing expectations of interest rate cuts.
Expectations of interest rate cuts are beneficial for the real estate sector, leading to gains in XLRE. This trend is likely to continue in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 70
NEGATIVE IMPACT
Paramount Global (PARA) was the top faller in the S&P 500, with a significant decline of 6.92%.
Paramount Global's significant decline reflects investor concerns and underperformance. This negative momentum may continue in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 80
NEGATIVE IMPACT
Warner Bros. Discovery Inc. (WBD) was one of the top fallers in both the Nasdaq 100 and S&P 500, with a significant decline of 6.40%.
Warner Bros. Discovery's significant decline reflects investor concerns and underperformance. This negative momentum may continue in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
The Communication Services Select Sector SPDR Fund (XLC) fell by 0.73%, driven by underperformance in the communication services sector.
The communication services sector underperformed, leading to a decline in XLC. This trend may persist in the short term due to sector-specific challenges.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 60
NEGATIVE IMPACT
The Energy Select Sector SPDR Fund (XLE) was the biggest laggard, down 0.93%, as energy stocks underperformed.
Energy stocks underperformed, leading to a decline in XLE. This trend may continue in the short term due to sector-specific challenges.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 60