Stocks Tumble On Jobs Data, Nasdaq 100 Eyes Worst Week In 2 Years As Semiconductors Slump: What's Driving Markets Friday?
Portfolio Pulse from Piero Cingari
The U.S. stock market experienced a significant downturn due to disappointing August jobs data, with major indices dropping over 1%. The Nasdaq 100 faced its worst week in two years, heavily impacted by a slump in semiconductor stocks. The iShares Semiconductor ETF and Nvidia saw notable declines. Investors moved towards cash and bonds, while commodities and cryptocurrencies also suffered losses.
September 06, 2024 | 5:46 pm
News sentiment analysis
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NEGATIVE IMPACT
Broadcom Inc. tumbled 9.9% following weaker-than-expected guidance, marking its worst session since March 2020.
Broadcom's significant drop is due to disappointing guidance, which has led to a sharp sell-off in its stock.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 95
NEGATIVE IMPACT
The SPDR Dow Jones Industrial Average fell 1.1% as investors reacted to the jobs report and economic concerns.
The DIA's decline reflects investor concerns about the economic outlook following the jobs report.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
The iShares Russell 2000 ETF fell 2.2% as small-cap stocks were hit hard by the market downturn.
The IWM's decline indicates that small-cap stocks were significantly affected by the market's negative sentiment.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Nvidia's stock fell over 4%, extending its weekly loss to 14%, marking its steepest decline since October 2022.
Nvidia's significant weekly loss of 14% highlights investor concerns in the semiconductor sector, contributing to the Nasdaq 100's poor performance.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The Invesco QQQ Trust Series fell 2.7%, heavily impacted by the decline in technology and semiconductor stocks.
The QQQ's significant drop is due to the poor performance of technology and semiconductor stocks, which are major components of the index.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 85
NEGATIVE IMPACT
Super Micro Computer Inc. plummeted over 7% after JPMorgan downgraded its rating and sharply lowered its price target.
The downgrade by JPMorgan and the significant reduction in price target led to a sharp decline in SMCI's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The iShares Semiconductor ETF dropped nearly 5% as semiconductor stocks led the decline in the Nasdaq 100, contributing to its worst week in two years.
The semiconductor sector's poor performance significantly impacted the Nasdaq 100, with SOXX dropping nearly 5%. This indicates a strong negative sentiment towards semiconductor stocks.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust fell 1.8% as the broader market reacted negatively to the jobs report and economic concerns.
The SPY's decline reflects the broader market's negative reaction to the jobs report, indicating concerns about economic growth.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70