Streetbeat News

XLK

Technology Select Sector SPDR Fund

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

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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.

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Stocks rose on Thursday, with the S&P 500 aiming to end a losing streak, driven by corporate earnings. The iShares Russell 2000 ETF and U.S. Global Jets ETF saw gains, while Tesla dropped after a Deutsche Bank downgrade. The Philadelphia Fed Manufacturing Index beat expectations, but existing home sales fell. Commodities and Bitcoin rallied. Key ETFs like SPDR S&P 500, Dow Jones, and Invesco QQQ Trust posted gains, with notable stock movements in Discovery Financial Services, Capital One, and others ahead of earnings.

Portfolio Pulse from Piero Cingari

April 18, 2024 | 5:11 pm

On April 17, U.S. stock indexes experienced fluctuations amid concerns over rising interest rates and corporate earnings reports. The S&P 500, Dow Jones, and Nasdaq saw varied losses, with tech stocks, particularly Nvidia and Meta Platforms, leading declines. Nvidia-focused ETFs and semiconductor stocks were in the spotlight, with significant movements in both bullish and bearish ETFs related to Nvidia and the semiconductor industry.

Portfolio Pulse from Surbhi Jain

April 18, 2024 | 12:45 pm

The European Union has decided not to conduct a formal investigation into Microsoft's $13 billion investment in OpenAI, citing that the deal does not constitute a takeover or give Microsoft control over OpenAI. This decision comes amidst concerns of regulatory scrutiny over the partnership. Additionally, Microsoft faces antitrust scrutiny in South Africa and a complaint in the EU regarding its cloud computing licensing practices, involving Amazon among the complainants. Microsoft's stock has seen a significant increase over the past year, despite a slight decrease in its latest trading session.

Portfolio Pulse from Anusuya Lahiri

April 17, 2024 | 6:37 pm

Stocks and cryptocurrencies fell amid geopolitical and economic concerns, with a notable sell-off in chipmakers and a significant drop in Bitcoin. The S&P 500 and Nasdaq 100 saw declines, while the VanEck Semiconductors ETF and iShares 20+ Year Treasury Bond ETF experienced notable movements. Investors reacted to comments from Israeli Prime Minister Netanyahu and Fed Chair Jerome Powell, seeking safety in bonds. United Airlines and peers saw gains from strong financial results, while other companies faced declines post-earnings. GE Vernova surged on an analyst upgrade.

Portfolio Pulse from Piero Cingari

April 17, 2024 | 6:09 pm

LinkedIn, owned by Microsoft Corp (NASDAQ:MSFT), has introduced a Premium Company Page subscription for small and medium-sized businesses, offering AI-generated content and tools to boost visibility for up to $99 per month. This move is part of LinkedIn's strategy to diversify revenue streams, which saw a 25% increase in premium subscription revenue in 2023, reaching $1.7 billion. LinkedIn is also expanding into influencer marketing and short-form video content, competing with platforms like Instagram, TikTok, YouTube, Snapchat, and Netflix. MSFT stock has risen 44% in the last 12 months, with exposure available through ETFs like SPDR Select Sector Fund – Technology (NYSE:XLK) and Fidelity MSCI Information Technology Index ETF (NYSE:FTEC).

Portfolio Pulse from Anusuya Lahiri

April 17, 2024 | 2:52 pm

Wall Street experienced a mixed day with major indices showing varied performance after strong retail sales data and easing Middle East tensions. The iShares 20+ Year Treasury Bond ETF (TLT) dropped 1.8% due to a surge in bond yields. The SPDR S&P 500 ETF Trust (SPY), SPDR Dow Jones Industrial Average (DIA), and Invesco QQQ Trust (QQQ) saw slight movements. Tesla (TSLA) and Salesforce (CRM) stocks fell after company-specific news, while Goldman Sachs (GS) and Charles Schwab (SCHW) rose following positive earnings reports.

Portfolio Pulse from Piero Cingari

April 15, 2024 | 5:25 pm

Wedbush Securities analyst Daniel Ives predicts a 15% rise in 2024 for tech stocks including Microsoft, Alphabet, Amazon, Palantir, and Meta, viewing the recent sell-off as a buying opportunity. He attributes the downturn to factors like CPI concerns and geopolitical tensions but expects robust tech earnings to drive growth. Additionally, cybersecurity firms Zscaler, CrowdStrike, Palo Alto Networks, CyberArk, Check Point, and Tenable are highlighted as potential standouts.

Portfolio Pulse from Surbhi Jain

April 15, 2024 | 3:51 pm

BofA analyst Wamsi Mohan maintains a Buy rating on Apple Inc (AAPL) with a price target of $225, highlighting the company's underestimated long-term gross margin potential. Apple's gross margins exceeded expectations at 44%, driven by a premium product mix, in-house technologies, and a focus on service revenue monetization. Mohan projects fiscal 2024 sales and EPS of $396.24 billion and $6.70, respectively. Apple's stock performance and exposure through ETFs like Vanguard Information Tech ETF (VGT) and SPDR Select Sector Fund – Technology (XLK) are also noted.

Portfolio Pulse from Anusuya Lahiri

April 11, 2024 | 6:14 pm

Morgan Stanley analyst Keith Weiss maintained Microsoft Corp (NASDAQ:MSFT) with an Overweight rating and raised the price target from $465 to $520, citing AI innovations and projected leadership in Public Cloud by 2032. Weiss expects a 14% revenue CAGR and 16% EPS CAGR through fiscal 2029 for Microsoft. Citi analyst Tyler Radke also provided positive feedback from Microsoft's Fabric Community Conference, highlighting rapid innovation and leadership in GenAI. Microsoft stock has gained over 50% in the last 12 months, with exposure available through SPDR Select Sector Fund – Technology (NYSE:XLK) and Fidelity MSCI Information Technology Index ETF (NYSE:FTEC).

Portfolio Pulse from Anusuya Lahiri

April 11, 2024 | 6:13 pm

Stocks rebounded with the Nasdaq 100 leading gains, up 1.2%, driven by Nvidia's 3.1% surge. The Producer Price Index (PPI) inflation was slightly lower than expected, affecting Fed rate cut expectations. Treasury yields were mixed, impacting the iShares 20+ Year Treasury Bond ETF (TLT), which fell 0.2%. Gold, tracked by the SPDR Gold Trust (GLD), rose nearly 1%, while Bitcoin softened. Notable stock movements included Nike's 3.8% rise after an upgrade, Paramount Global's 6.5% rally, and significant drops for Globe Life, CarMax, and Nikola Corp. Vertex Pharmaceuticals announced a $4.9 billion deal to buy Alpine Immune Sciences.

Portfolio Pulse from Piero Cingari

April 11, 2024 | 6:13 pm

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