Nasdaq 100 Slumps 1.6% As Traders Turn Cautious Ahead Of Powell's Jackson Hole Address
Portfolio Pulse from Piero Cingari
The Nasdaq 100 fell 1.6% as investors turned cautious ahead of Fed Chair Powell's speech at the Jackson Hole Symposium. Strong private sector data reduced expectations for a significant rate cut, leading to a market pullback. Semiconductor stocks and major tech companies like NVIDIA, Microsoft, Tesla, and Amazon contributed to the decline.
August 22, 2024 | 8:41 pm
News sentiment analysis
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NEGATIVE IMPACT
Amazon.com, Inc. saw a 2.19% decline, contributing to the Nasdaq 100's downturn amid cautious market sentiment.
AMZN's decline reflects the broader negative sentiment affecting major tech stocks in the Nasdaq 100.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Broadcom Inc. shares fell 2.06%, contributing to the Nasdaq 100's decline amid cautious market sentiment.
AVGO's decline is part of the broader sell-off in tech stocks, indicating a strong negative impact from market sentiment.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Intel Corp. shares fell 6.1%, contributing to the Nasdaq 100's decline amid cautious market sentiment.
INTC's significant drop reflects the broader negative sentiment affecting tech stocks in the Nasdaq 100.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
MongoDB Inc. experienced a 5.8% decline, aligning with the broader tech stock sell-off in the Nasdaq 100.
MDB's decline is part of the broader sell-off in tech stocks, indicating a strong negative impact from market sentiment.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Moderna Inc. saw a 6.5% drop, making it one of the worst performers in the Nasdaq 100 during the market's downturn.
MRNA was one of the worst performers, indicating a strong negative impact from the broader market sentiment.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Microsoft Corporation's stock fell 2.01%, contributing to the Nasdaq 100's decline amid cautious market sentiment.
MSFT's decline reflects the broader negative sentiment affecting major tech stocks in the Nasdaq 100.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
NVIDIA Corporation's shares dropped 3.68%, significantly impacting the Nasdaq 100's performance.
NVDA's significant drop contributed notably to the Nasdaq 100's decline, reflecting negative sentiment in tech stocks.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The Invesco QQQ Trust, which tracks the Nasdaq 100, fell 1.6% as investors turned cautious ahead of Powell's speech. Strong private sector data reduced rate cut expectations, leading to profit-taking after a recent rally.
The QQQ, tracking the Nasdaq 100, was directly impacted by the market's cautious sentiment and reduced rate cut expectations, leading to a significant decline.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The iShares Semiconductor ETF dropped 3.4%, its worst performance since August 2, as semiconductor stocks were among the hardest hit in the Nasdaq 100's decline.
SOXX was significantly affected as semiconductor stocks were among the hardest hit, contributing to the ETF's sharp decline.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Tesla, Inc. shares dropped 5.64%, significantly impacting the Nasdaq 100's performance.
TSLA's significant drop contributed notably to the Nasdaq 100's decline, reflecting negative sentiment in tech stocks.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80