VIX Stages Double-Digit Spike As Risk Off Takes Over; Chipmakers Fail To Rebound, Weight Loss Giants Eli Lilly, Novo Tumble: What's Driving Markets Thursday?
Portfolio Pulse from Piero Cingari
The market experienced a risk-off day with major indices trading in the red. The VIX spiked over 10%, and semiconductor stocks remained weak due to concerns over U.S. chip export restrictions to China. Eli Lilly and Novo Nordisk faced significant declines due to competitive threats from Pfizer and Roche. Economic data showed rising jobless claims, and the U.S. dollar rose as a safe haven.
July 18, 2024 | 6:05 pm
News sentiment analysis
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NEGATIVE IMPACT
The SPDR Dow Jones Industrial Average (DIA) fell 0.7% amid a broader market decline.
The ETF is impacted by the overall market decline, reflecting the negative sentiment across major indices.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Eli Lilly (LLY) shares plunged 5.6% due to competitive threats from Pfizer and Roche in the weight loss drug market.
Eli Lilly's significant decline is driven by competitive threats in a key market, impacting investor sentiment negatively.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Novo Nordisk (NVO) shares fell 5% due to competitive threats from Pfizer and Roche in the weight loss drug market.
Novo Nordisk's significant decline is driven by competitive threats in a key market, impacting investor sentiment negatively.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The Invesco QQQ Trust (QQQ) fell 0.5% amid a broader market decline.
The ETF is impacted by the overall market decline, reflecting the negative sentiment across major indices.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
The iShares Semiconductor ETF (SOXX) fell 0.6% due to concerns over increased U.S. chip export restrictions to China.
The ETF is directly impacted by the news of U.S. chip export restrictions to China, leading to a decline in semiconductor stocks.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) fell 0.6% amid a broader market decline.
The ETF is impacted by the overall market decline, reflecting the negative sentiment across major indices.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
The Health Care Select Sector SPDR Fund (XLV) lagged, down 1.5% amid significant volatility in the health care sector.
The ETF is impacted by the significant volatility in the health care sector, reflecting negative investor sentiment.
CONFIDENCE 75
IMPORTANCE 40
RELEVANCE 50
POSITIVE IMPACT
Nvidia Corp. (NVDA) rose 1.8%, defying the broader weakness in semiconductor stocks.
Nvidia's positive performance stands out against the general decline in semiconductor stocks, indicating strong investor confidence.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The Energy Select Sector SPDR Fund (XLE) outperformed, rising 1% amid a broader market decline.
The ETF's positive performance stands out against the general market decline, indicating strong investor confidence in the energy sector.
CONFIDENCE 75
IMPORTANCE 40
RELEVANCE 50