Nvidia Rebounds Over 6% After $550B Market Cap Loss
Portfolio Pulse from Michael Juliano
Nvidia Corporation (NASDAQ:NVDA) rebounded over 6% after losing $550 billion in market value. The company's market cap is now $3.10 trillion, making it the third most valuable corporation behind Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL). Concerns about Nvidia's impact on the S&P 500 Index have been raised, with analysts warning that a significant sell-off could affect the broader market. The PHLX Semiconductor Index (NASDAQ:SOX) and Invesco QQQ Trust (NASDAQ:QQQ) were also impacted. ETFs like iShares U.S. Technology ETF (NYSE:IYW), Fidelity MSCI Information Technology Index ETF (NYSE:FTEC), and First Trust Dow Jones Internet Index Fund (NYSE:FDN) saw gains.
June 25, 2024 | 8:53 pm
News sentiment analysis
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NEGATIVE IMPACT
The Invesco QQQ Trust, which tracks the Nasdaq Composite, fell 0.4% since Nvidia's market cap loss.
The Invesco QQQ Trust was slightly impacted by Nvidia's market cap loss, reflecting broader concerns in the tech sector.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
NEGATIVE IMPACT
The PHLX Semiconductor Index fell 2.5% since Nvidia's market cap loss.
The PHLX Semiconductor Index was negatively impacted by Nvidia's market cap loss, reflecting broader concerns in the semiconductor sector.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 70
NEUTRAL IMPACT
Apple is now the third most valuable company at $3.22 trillion, following Nvidia's market cap loss.
Apple's position as the third most valuable company is stable, but the news primarily focuses on Nvidia.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
NEUTRAL IMPACT
Microsoft is now the second most valuable company at $3.34 trillion, following Nvidia's market cap loss.
Microsoft's position as the second most valuable company is stable, but the news primarily focuses on Nvidia.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
The First Trust Dow Jones Internet Index Fund gained 1.4% on Tuesday.
The First Trust Dow Jones Internet Index Fund saw gains, likely due to a broader tech sector rebound.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
The Fidelity MSCI Information Technology Index ETF gained 1.4% on Tuesday.
The Fidelity MSCI Information Technology Index ETF saw gains, likely due to a broader tech sector rebound.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
The iShares U.S. Technology ETF gained 1.7% on Tuesday.
The iShares U.S. Technology ETF saw gains, likely due to a broader tech sector rebound.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Nvidia rebounded over 6% after a significant market cap loss, now valued at $3.10 trillion. Concerns about its impact on the S&P 500 Index have been raised.
Nvidia's significant rebound after a major market cap loss indicates strong investor confidence. However, concerns about its impact on the S&P 500 Index could create volatility.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100