Streetbeat News

XLK

Technology Select Sector SPDR Fund

https://www.ssga.com/us/en/intermediary/etfs/funds/the-technology-select-sector-spdr-fund-xlk

Industry

Asset Management

In seeking to track the performance of the index, the fund employs a replication strategy, which means that the fund typically invests in substantially all of the securities represented in the index in approximately the same proportions as the index. It generally invests substantially all, but at least 95%, of its total assets in the securities comprising the index. The fund is non-diversified.

Open

231.63

Mkt cap

62B

Volume

5.6M

High

231.92

P/E Ratio

43.33

52-wk high

238.14

Low

227.95

Div yield

0.01

52-wk low

181.32

Microsoft is under FTC investigation for its $650 million deal with Inflection AI, which involved hiring most of the startup's employees. The FTC is examining whether the deal was structured to avoid antitrust review. Potential penalties for Microsoft include fines and suspension of the transaction.

Portfolio Pulse from Shivani Kumaresan

June 06, 2024 | 10:25 am

Microsoft is investing in Touchcast Inc., a startup that enhances AI deployment by caching generative AI queries. This investment aims to reduce computational and energy requirements for AI models like OpenAI's GPT-4. Touchcast's valuation is expected to reach at least $350 million after the new funding. The collaboration will deploy cognitive caching technology across Microsoft's Azure data centers, reducing costs for Azure OpenAI tools.

Portfolio Pulse from Shivani Kumaresan

June 04, 2024 | 11:16 pm

Nvidia, AMD, Qualcomm, Micron, and Arm stocks are trading lower due to TSMC's plans to increase AI chip production prices. Big Tech stocks like Microsoft, Meta, Alphabet, Apple, and Amazon are also down. Semiconductor and Big Tech ETFs are affected as well.

Portfolio Pulse from Anusuya Lahiri

June 04, 2024 | 8:01 pm

Stocks dipped on Tuesday amid growth concerns, with major indices trading in the red. The S&P 500 faced selling pressure, and small caps were hit hard, with the iShares Russell 2000 ETF (IWM) down 1.4%. Economic data showed a sharp decline in job openings, increasing bets on a Federal Reserve rate cut in September. This boosted bond prices, with the iShares 20+ Year Treasury Bond ETF (TLT) rising 1%. Commodities fell, with oil prices down for five straight days. Bitcoin surged 3%. Notable stock movers included Saia Inc. (SAIA) up 7%, Carnival Corp. (CCL) up 4%, and Bath & Body Works Inc. (BBWI) down 13%.

Portfolio Pulse from Piero Cingari

June 04, 2024 | 5:00 pm

Microsoft is facing privacy complaints from NOYB regarding its 365 Education suite, alleging violations of EU privacy regulations. The complaints focus on data controller responsibilities and user tracking through cookies. NOYB seeks an investigation and penalties from the Austrian Data Protection Authority.

Portfolio Pulse from Shivani Kumaresan

June 04, 2024 | 10:00 am

The VIX surged 9% as major U.S. equity indices fell due to concerns over U.S. manufacturing activity. Safe-haven assets like bonds and gold rose, while meme stocks like GameStop and AMC spiked. Notable stock movements included Paramount Global, Lattice Semiconductor, and Spotify. Mexican assets also saw significant declines following a presidential election.

Portfolio Pulse from Piero Cingari

June 03, 2024 | 5:32 pm

Tech stocks fell as Wall Street's 5-week rally ended, with the Nasdaq 100 dropping 1.5%. The S&P 500 and Russell 2000 also declined, while the Dow Jones rose. Concerns about economic slowdown and deceleration in personal spending and income contributed to the market's performance. Bonds and defensive stocks gained, with the iShares 20+ Year Treasury Bond ETF rising 0.6%. Gold and Bitcoin fell. Notable stock movements included MongoDB dropping 23% and The Gap rising 26% after earnings reports.

Portfolio Pulse from Piero Cingari

May 31, 2024 | 5:44 pm

Wall Street saw a decline in major large-cap indices due to downturns in tech and communication services sectors. Investors shifted focus to small caps, real estate, and solar stocks. The second estimate of Q1 GDP growth was revised down to 1.3%. The S&P 500, Nasdaq 100, and Dow Jones Industrial Average fell, while the iShares Russell 2000 ETF and iShares 20+ Year Treasury Bond ETF rose. Salesforce plummeted 20% after missing revenue expectations, while HP Inc. rose 19% on strong results. Other notable movers included Kohl Corp., Dollar General, Best Buy, Hormel Foods, Burlington Stores, Birkenstock, Agilent Technologies, Pure Storage, Okta, Nutanix, Ui Path, and Credo Technology.

Portfolio Pulse from Piero Cingari

May 30, 2024 | 5:57 pm

Computex 2024 is set to be a landmark event for the tech industry, with major companies like Qualcomm, Intel, AMD, and Nvidia showcasing their latest innovations in AI and other technologies. Investors are keenly watching for opportunities in tech stocks, with historical data suggesting positive returns following the event.

Portfolio Pulse from Surbhi Jain

May 27, 2024 | 6:53 pm

The Nasdaq 100 surged over 1% on Friday, setting the stage for a record high close and marking its fifth consecutive week of gains. The S&P 500 rose 0.7%, while small-cap stocks saw robust gains. AI-linked stocks and sectors like chipmakers, solar, and power utilities performed well. Treasury yields remained stable, and the U.S. dollar index fell, providing relief to precious metals and crude oil. Several companies saw significant stock movements due to earnings reports.

Portfolio Pulse from Piero Cingari

May 24, 2024 | 5:54 pm

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