S&P 500 Suffers Largest Weekly Drop Since March 2023 Banking Crisis, Chipmakers Notch Worst Week In Over Four Years
Portfolio Pulse from Piero Cingari
The S&P 500 experienced its largest weekly drop since March 2023, driven by a cooler labor market report. The SPDR S&P 500 ETF Trust (SPY) fell 4.1% for the week, while the Invesco QQQ Trust (QQQ) and iShares Semiconductor ETF (SOXX) saw even steeper declines. Major tech and semiconductor stocks, including NVIDIA, Broadcom, and Amazon, were significant contributors to the downturn.
September 06, 2024 | 8:40 pm
News sentiment analysis
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NEGATIVE IMPACT
Amazon.com, Inc. (AMZN) fell 3.64%, contributing to the S&P 500's decline amid a broader market selloff.
Amazon, as a major component of the S&P 500, was affected by the market's risk-off sentiment, contributing to the index's decline.
CONFIDENCE 100
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
ASML Holding N.V. (ASML) experienced a 5.37% decline, as semiconductor stocks faced significant selling pressure.
ASML, a major player in the semiconductor industry, was affected by the market's risk-off sentiment, contributing to its decline.
CONFIDENCE 100
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Broadcom Inc. (AVGO) experienced a 10.35% decline, contributing significantly to the S&P 500's downturn, as semiconductor stocks were hit hard.
Broadcom, a major semiconductor company, saw a significant decline, contributing to the overall market downturn and the semiconductor sector's poor performance.
CONFIDENCE 100
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Marvell Technology, Inc. (MRVL) experienced a 5.25% decline, as semiconductor stocks faced significant selling pressure.
Marvell, a major player in the semiconductor industry, was affected by the market's risk-off sentiment, contributing to its decline.
CONFIDENCE 100
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Microsoft Corporation (MSFT) experienced a 1.63% decline, contributing to the S&P 500's downturn amid a broader market selloff.
Microsoft, as a major component of the S&P 500, was affected by the market's risk-off sentiment, contributing to the index's decline.
CONFIDENCE 100
IMPORTANCE 55
RELEVANCE 65
NEGATIVE IMPACT
The Invesco QQQ Trust (QQQ) saw a 5.8% weekly loss, its steepest since October 2022, as tech stocks were hit hard by the market downturn.
The QQQ, which tracks major tech stocks, was heavily impacted by the market's risk-off sentiment, leading to a significant weekly loss.
CONFIDENCE 100
IMPORTANCE 75
RELEVANCE 85
NEGATIVE IMPACT
Rambus Inc. (RMBS) saw a 5.28% decline, reflecting the broader challenges faced by semiconductor stocks this week.
Rambus, a semiconductor company, was impacted by the broader market selloff in the semiconductor sector, leading to a significant decline.
CONFIDENCE 100
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
The iShares Semiconductor ETF (SOXX) dropped 11.8% this week, its worst performance since March 2020, as semiconductor stocks faced significant selling pressure.
The SOXX, a barometer for the semiconductor industry, was severely affected by the market downturn, leading to its worst weekly performance in over three years.
CONFIDENCE 100
IMPORTANCE 85
RELEVANCE 95
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) fell 4.1% this week, marking the largest weekly drop since March 2023, driven by a cooler labor market report.
The SPY tracks the S&P 500, which experienced a significant decline due to a risk-off sentiment following a weaker labor market report.
CONFIDENCE 100
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Tesla, Inc. (TSLA) saw an 8.44% decline, contributing to the S&P 500's downturn as tech stocks faced significant selling pressure.
Tesla, a major tech stock, was heavily impacted by the market's risk-off sentiment, contributing to the S&P 500's decline.
CONFIDENCE 100
IMPORTANCE 65
RELEVANCE 75
NEGATIVE IMPACT
Wolfspeed, Inc. (WOLF) saw a 6.53% decline, reflecting the broader challenges faced by semiconductor stocks this week.
Wolfspeed, a semiconductor company, was impacted by the broader market selloff in the semiconductor sector, leading to a significant decline.
CONFIDENCE 100
IMPORTANCE 50
RELEVANCE 60