S&P 500, Nasdaq 100 Dip From Record Highs As Investors Take Chipmaker Profits; Energy Sector Rebounds, Yields Rise: What's Driving Markets Thursday?
Portfolio Pulse from Piero Cingari
The S&P 500 and Nasdaq 100 indices dipped from record highs due to profit-taking in chipmaker stocks and rising Treasury yields. The iShares Semiconductor ETF (SOXX) fell 2.4%, while the Energy Select Sector SPDR Fund (XLE) rose 1.8% amid surging oil prices. Long-dated Treasury yields increased, impacting the iShares 20+ Year Treasury Bond ETF (TLT), which fell 0.9%. Gold prices rose, tracked by the SPDR Gold Trust (GLD). Nvidia, Qualcomm, Micron, and Wolfspeed saw declines, while AMD surged nearly 4% due to a new partnership. Gilead Sciences soared over 8% following positive trial results for an HIV prevention injection.
June 20, 2024 | 5:41 pm
News sentiment analysis
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NEGATIVE IMPACT
The iShares Semiconductor ETF (SOXX) fell by 2.4%, marking its worst session since May 1, due to profit-taking after reaching overbought levels.
Profit-taking in chipmaker stocks led to a significant decline in SOXX, indicating a short-term negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The iShares 20+ Year Treasury Bond ETF (TLT) fell by 0.9% as long-dated Treasury yields rose, with the 10-year yield up by 5 basis points to 4.27%.
Rising Treasury yields negatively impacted TLT, leading to a decline in its price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Advanced Micro Devices Inc. (AMD) surged nearly 4% following the announcement that Sun Singapore Systems selected AMD to power its AI-based parking management platform.
A new partnership with Sun Singapore Systems boosted investor confidence in AMD, leading to a significant price increase.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 85
POSITIVE IMPACT
Gilead Sciences Inc. (GILD) soared over 8% after announcing that a twice-yearly antiviral injection successfully prevented HIV in all test subjects during a trial.
Positive trial results for an HIV prevention injection significantly boosted GILD's stock price.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
The SPDR Gold Trust (GLD) rose by 1.1% as gold prices increased, driven by mixed economic data and rising Treasury yields.
Increased gold prices due to economic uncertainty and rising yields positively impacted GLD.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
The Energy Select Sector SPDR Fund (XLE) rose by 1.8% as oil prices surged above $81 a barrel due to larger-than-expected drops in U.S. inventories.
Rising oil prices and reduced U.S. inventories positively impacted the energy sector, boosting XLE.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80