Nasdaq, S&P 500 Futures Plunge After Trump's Comments And ASML's Weak Forecast Deepens Tech Sell-Off: AI Narrative May Be Priced In, Says Analyst
Portfolio Pulse from Shanthi Rexaline
Nasdaq and S&P 500 futures dropped significantly following weak forecasts from ASML and comments from Donald Trump about Taiwan's defense bill. This has led to a tech sell-off, impacting major ETFs like SPY and QQQ. Several companies, including ASML, Nvidia, AMD, and J.B. Hunt, saw notable premarket movements.
July 17, 2024 | 11:41 am
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NEGATIVE IMPACT
AMD's stock is also affected by the tech sell-off triggered by ASML's weak earnings forecast.
Similar to Nvidia, AMD is impacted by the broader negative sentiment in the tech sector due to ASML's forecast.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 70
NEGATIVE IMPACT
ASML's weak earnings forecast led to a 7% drop in its stock, contributing to a broader tech sell-off.
ASML's earnings report was not well-received, leading to a significant drop in its stock price. This has a direct impact on the tech sector, causing a broader sell-off.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
J.B. Hunt Transport Services fell over 2.50% in premarket trading following its quarterly results.
J.B. Hunt's stock is down due to its quarterly results, which were not well-received by the market.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 60
NEGATIVE IMPACT
Nvidia's stock is under pressure due to ASML's weak forecast, which has negatively impacted the tech sector.
Nvidia, being a major player in the chip industry, is affected by the negative sentiment following ASML's weak forecast.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 70
NEGATIVE IMPACT
Invesco QQQ ETF plunged 1.36% in premarket trading, reflecting the tech sector's downturn.
The QQQ ETF, which is heavily weighted towards tech stocks, is significantly impacted by the negative sentiment in the tech sector.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 80
NEGATIVE IMPACT
SPDR S&P 500 ETF Trust fell 0.87% in premarket trading due to the tech sell-off and broader market concerns.
The SPY ETF is affected by the overall market sentiment, which is currently negative due to the tech sell-off and other economic concerns.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 80