Tech Stocks Drop Ahead Of Key Earnings; Nvidia Falls, CrowdStrike Hits 8-Month Low: What's Driving Markets Tuesday?
Portfolio Pulse from Piero Cingari
Tech stocks experienced a significant drop ahead of key earnings reports and the Federal Open Market Committee meeting. Nvidia fell over 6%, impacting the semiconductor sector and the iShares Semiconductor ETF. CrowdStrike hit an 8-month low after Delta Air Lines sought compensation for an outage. Microsoft, Apple, Alphabet, and Meta also saw declines. The Nasdaq 100 dropped 1.5%, while the S&P 500 fell 0.8%. The iShares Russell 2000 ETF outperformed tech stocks. Treasury yields remained steady, and gold edged up.
July 30, 2024 | 5:43 pm
News sentiment analysis
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POSITIVE IMPACT
The iShares Russell 2000 ETF outperformed tech stocks, rising 0.16%.
The iShares Russell 2000 ETF's performance indicates a shift in investor preference away from tech stocks.
CONFIDENCE 70
IMPORTANCE 45
RELEVANCE 50
NEGATIVE IMPACT
Apple experienced smaller losses in anticipation of its earnings report later in the week.
Anticipation of Apple's earnings report has led to minor declines in its stock price.
CONFIDENCE 75
IMPORTANCE 55
RELEVANCE 60
NEGATIVE IMPACT
CrowdStrike's stock plunged nearly 12% after Delta Air Lines announced it would seek compensation for a recent outage.
The announcement from Delta Air Lines has led to a significant drop in CrowdStrike's stock, likely causing short-term negative sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 85
NEGATIVE IMPACT
Alphabet experienced smaller losses in anticipation of its earnings report later in the week.
Anticipation of Alphabet's earnings report has led to minor declines in its stock price.
CONFIDENCE 75
IMPORTANCE 55
RELEVANCE 60
NEGATIVE IMPACT
Meta Platforms experienced smaller losses in anticipation of its earnings report later in the week.
Anticipation of Meta's earnings report has led to minor declines in its stock price.
CONFIDENCE 75
IMPORTANCE 55
RELEVANCE 60
NEGATIVE IMPACT
Microsoft's stock declined more than 1% ahead of its post-market earnings announcement.
Investors are cautious ahead of Microsoft's earnings report, leading to a short-term decline in its stock price.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 70
NEGATIVE IMPACT
Nvidia's stock plummeted over 6% to a two-month low, significantly impacting the semiconductor sector.
Nvidia's significant drop is likely to affect investor sentiment in the semiconductor sector, leading to short-term price declines.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
The iShares Semiconductor ETF fell nearly 3%, marking its sixth negative close in the last eight sessions.
The decline in Nvidia's stock has a ripple effect on the semiconductor sector, negatively impacting the iShares Semiconductor ETF.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80