Nvidia Snaps 8-Week Winning Run, S&P 500 Marks Longest Streak Without A 2% Drop Since Great Recession, Oil Prices Stage Comeback: This Week In The Market
Portfolio Pulse from Piero Cingari
This week in the market saw the S&P 500 and Nasdaq 100 indices reach new historic highs, driven by strong performance in the technology and semiconductor sectors. Nvidia (NVDA) ended its eight-week winning streak, dropping over 4%, which also impacted the iShares Semiconductor ETF (SOXX). Gilead Sciences (GILD) was the top performer in the S&P 500 due to positive data on its HIV prevention drug. Oil prices rebounded, and the SPDR S&P 500 ETF Trust (SPY) saw significant outflows. Tesla (TSLA) continues to invest heavily in AI hardware.
June 21, 2024 | 8:18 pm
News sentiment analysis
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POSITIVE IMPACT
Gilead Sciences emerged as the top performer in the S&P 500 due to positive efficacy data for its HIV prevention drug, lenacapavir.
Positive clinical data for a new drug can significantly boost investor sentiment and stock price, making Gilead a strong performer this week.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 70
POSITIVE IMPACT
Tesla continues to invest heavily in AI hardware, with its Giga Texas expansion set to house 50,000 Nvidia GPUs for AI projects.
Tesla's significant investment in AI hardware underscores its commitment to technological advancements, which could positively impact its stock.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
NEGATIVE IMPACT
Nvidia ended its eight-week winning streak, dropping over 4% this week, which also negatively impacted the broader chipmaker industry.
Nvidia's significant drop after an extended winning streak suggests profit-taking and potential short-term bearish sentiment in the semiconductor sector.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
The iShares Semiconductor ETF (SOXX) was negatively impacted by Nvidia's decline, reflecting broader weakness in the chipmaker industry.
As Nvidia is a major component of the SOXX ETF, its decline has a direct negative impact on the ETF's performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) saw outflows exceeding $40 billion year-to-date, despite the U.S. stock market's rise.
Significant outflows from SPY indicate a shift in investor preference towards lower-cost alternatives, which could pressure SPY's performance.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 60