S&P 500, Nasdaq 100 Snap 8-Day Winning Streak: What Triggered Wall Street's Setback On Tuesday?
Portfolio Pulse from Piero Cingari
The S&P 500 and Nasdaq 100 indices ended their 8-day winning streak due to a lack of economic data and hawkish comments from Fed Governor Michelle Bowman. Major drags included Nvidia, Exxon Mobil, and energy stocks, while some sectors like consumer staples and healthcare saw gains.
August 20, 2024 | 8:39 pm
News sentiment analysis
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NEGATIVE IMPACT
Broadcom Inc. (AVGO) contributed to the Nasdaq 100's decline with a 1.05% drop, impacting the tech-heavy index.
Broadcom's decline of 1.05% was a contributing factor to the Nasdaq 100's overall drop, affecting the tech sector's performance.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
DexCom Inc. (DXCM) fell 6.3%, negatively impacting both the S&P 500 and Nasdaq 100 indices.
DexCom's decline of 6.3% had a negative impact on both the S&P 500 and Nasdaq 100, contributing to the overall market downturn.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Moderna, Inc. (MRNA) saw a decline of 3.35%, contributing to the negative performance of the Nasdaq 100.
Moderna's decline of 3.35% was a contributing factor to the Nasdaq 100's overall drop, affecting the healthcare sector's performance.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50
NEGATIVE IMPACT
Nvidia Corp. (NVDA) fell 2.1%, significantly impacting both the S&P 500 and Nasdaq 100 indices. It was the biggest drag on both indices.
Nvidia's significant decline of 2.1% had a major impact on both the S&P 500 and Nasdaq 100, contributing to the overall market downturn.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
PDD Holdings Inc. (PDD) fell 4.6%, making it one of the worst performers in the Nasdaq 100.
PDD Holdings' significant drop of 4.6% contributed to its position as one of the worst performers in the Nasdaq 100, impacting investor sentiment.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Insulet Corp. (PODD) saw a significant decline of 6.9%, making it one of the worst performers in the S&P 500.
Insulet's significant drop of 6.9% contributed to its position as one of the worst performers in the S&P 500, impacting investor sentiment.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
The Invesco QQQ Trust (QQQ) fell as the Nasdaq 100 index ended its winning streak. Nvidia and Broadcom were significant negative contributors.
QQQ tracks the Nasdaq 100, which was negatively impacted by declines in major tech stocks like Nvidia and Broadcom, leading to a drop in the ETF.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) saw a 0.2% decline as the S&P 500 index ended its 8-day winning streak. Major contributors to the decline included Nvidia and Exxon Mobil.
The SPY ETF tracks the S&P 500, which declined due to major contributors like Nvidia and Exxon Mobil. The overall market sentiment was negative, influenced by Fed comments.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The Energy Select Sector SPDR Fund (XLE) dropped 2.6% as energy stocks led the market decline due to falling oil prices.
XLE tracks energy stocks, which were negatively impacted by a significant drop in oil prices, leading to a decline in the ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Exxon Mobil Corp. (XOM) fell 3.4%, contributing to the S&P 500's decline. The drop was influenced by falling oil prices.
Exxon Mobil's decline was driven by a drop in oil prices, which affected energy stocks and contributed to the S&P 500's overall decline.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80