Wall Street Mixed, Semiconductors Tumble As AMD Disappoints, Alphabet Rallies, SMCI Plummets: What's Driving Markets Wednesday?
Portfolio Pulse from Piero Cingari
Wall Street had a mixed session with AMD shares dropping 10% after disappointing earnings, affecting the semiconductor sector. Alphabet shares rose over 5% on strong earnings. SMCI plummeted 33% due to auditor resignation. Economic data showed strong job growth but slower GDP growth.
October 30, 2024 | 5:35 pm
News sentiment analysis
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POSITIVE IMPACT
Alphabet shares rose more than 5% after a strong earnings report that exceeded Wall Street expectations.
Alphabet's strong earnings report, which exceeded expectations, led to a significant rise in its stock price, reflecting investor optimism in mega-cap tech stocks.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
AMD shares fell 10% after quarterly results met expectations but failed to excite investors, impacting the semiconductor sector.
AMD's earnings met expectations but did not provide the positive surprise investors were hoping for, leading to a 10% drop in share price. This decline also negatively affected the broader semiconductor sector.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Super Micro Computer Inc. shares plummeted 33% after auditors Ernst & Young resigned due to reporting issues.
The resignation of auditors Ernst & Young due to reporting issues led to a significant drop in SMCI's stock price, indicating serious investor concerns.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 95
NEGATIVE IMPACT
The iShares Semiconductor ETF fell over 3% as AMD's disappointing earnings dragged down the semiconductor sector.
The decline in AMD's stock price had a ripple effect on the semiconductor sector, causing the iShares Semiconductor ETF to fall over 3%.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 70