Alphabet's Earnings Rally Pushes Magnificent 7 Market Cap To Record $16.8 Trillion: 10 Tech-Heavy ETFs Moving Wednesday
Portfolio Pulse from Piero Cingari
Alphabet's strong Q3 earnings led to a 6% stock surge, boosting its market cap by over $150 billion and pushing the 'Magnificent Seven' tech giants' combined market cap to a record $16.8 trillion. Alphabet's performance positively impacted several tech-heavy ETFs.
October 30, 2024 | 3:38 pm
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POSITIVE IMPACT
Fidelity MSCI Communication Services Index ETF increased by 1.8% due to Alphabet's earnings.
The ETF's performance was positively influenced by Alphabet's strong earnings, given its exposure to the company.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
The Direxion Daily GOOGL Bull 2X Shares ETF saw a 10.7% increase due to Alphabet's strong earnings performance.
The ETF has significant exposure to Alphabet, and its strong earnings led to a substantial increase in the ETF's value.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Alphabet's Q3 earnings exceeded expectations, leading to a 6% stock surge and a $150 billion increase in market cap.
Alphabet's earnings per share and revenue significantly exceeded analyst expectations, leading to a strong positive reaction in the stock market. The 6% increase in stock price and $150 billion rise in market cap highlight the positive investor sentiment.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
iShares Global Communication Services ETF rose 1.8% following Alphabet's earnings report.
The ETF's exposure to Alphabet contributed to its positive performance following the company's strong earnings report.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
Kurv Technology Titans Select ETF increased by 1.1% due to Alphabet's earnings.
The ETF's performance was positively influenced by Alphabet's strong earnings, given its exposure to the company.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
NYLI U.S. Large Cap Core ETF saw a 0.6% rise following Alphabet's earnings announcement.
The ETF's exposure to Alphabet contributed to its positive performance following the company's strong earnings report.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
ProShares Ultra Communication Services ETF increased by 3.5% due to Alphabet's earnings.
The ETF's significant exposure to Alphabet contributed to its positive performance following the company's strong earnings.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
Direxion Daily Magnificent 7 Bull 2X Shares ETF increased by 2.5% due to Alphabet's earnings.
The ETF's significant exposure to Alphabet contributed to its positive performance following the company's strong earnings.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
Vanguard Communication Services ETF saw a 1.9% rise following Alphabet's earnings announcement.
The ETF's exposure to Alphabet led to a positive performance following the company's strong earnings report.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
The Communication Services Select Sector SPDR Fund rose 1.5% following Alphabet's earnings report.
The ETF's exposure to Alphabet led to a positive performance following the company's strong earnings report.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
Nvidia's stock slid as investors grew cautious on semiconductor stocks following AMD's weaker-than-expected earnings.
Nvidia's stock performance was negatively impacted by broader market concerns over semiconductor stocks, triggered by AMD's earnings miss.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50