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

210.38

Mkt cap

58B

Volume

4.9M

High

214.15

P/E Ratio

33.97

52-wk high

243.14

Low

210.38

Div yield

0.01

52-wk low

190.75

Microsoft's shares are trading lower as Activision Blizzard's World of Warcraft employees vote to unionize, adding around 500 workers to organized labor at Microsoft. This move, supported by Microsoft's neutral stance on unionization, increases the number of unionized U.S. gaming employees at Microsoft to about 1,750. The union aims to address issues such as pay, remote work, and workplace diversity and equity. Additionally, Activision Blizzard was ordered to pay $23.4 million in a patent infringement case.

Portfolio Pulse from Lekha Gupta

July 25, 2024 | 2:58 pm

On Tuesday, small-cap stocks outperformed large caps as investors awaited key earnings reports from Alphabet and Tesla. The Russell 2000 index rose 0.8%, while the Nasdaq 100 dipped 0.2%. United Parcel Service (UPS) plunged 14% after missing earnings and revenue estimates. Bitcoin dropped over 2% to $65,800.

Portfolio Pulse from Piero Cingari

July 23, 2024 | 5:53 pm

US stocks rebounded on Monday, driven by a surge in tech stocks and semiconductor ETFs. The Nasdaq 100 rose 1%, while the S&P 500 and Dow Jones also saw gains. CrowdStrike continued its selloff, falling 13% after multiple downgrades. Nvidia surged 3.8% on news of a new AI chip for the Chinese market. Oil prices hit a one-month low, and natural gas spiked 7%. Key ETFs like SMH, SOXX, SPY, DIA, QQQ, XLK, and XLE showed varied performances.

Portfolio Pulse from Piero Cingari

July 22, 2024 | 5:36 pm

Wall Street is experiencing its worst week in three months, driven by a tech sector falter due to a cloud software update from CrowdStrike Holdings Inc. (CRWD). Major indices like the S&P 500, Nasdaq 100, and Dow Jones are all down. Treasury yields are rising, oil prices are falling, and Bitcoin is rallying. Key stock movers include CRWD, CMA, HE, and several others.

Portfolio Pulse from Piero Cingari

July 19, 2024 | 5:27 pm

The market experienced a risk-off day with major indices trading in the red. The VIX spiked over 10%, and semiconductor stocks remained weak due to concerns over U.S. chip export restrictions to China. Eli Lilly and Novo Nordisk faced significant declines due to competitive threats from Pfizer and Roche. Economic data showed rising jobless claims, and the U.S. dollar rose as a safe haven.

Portfolio Pulse from Piero Cingari

July 18, 2024 | 6:05 pm

The Nasdaq 100 experienced its worst day in 11 months, driven by a broad selloff in semiconductor stocks following news of the Biden administration's accelerated export restrictions to China. Major chipmakers like ASML Holding and Nvidia saw significant declines, impacting related ETFs and indices. The S&P 500 and Russell 2000 also fell, while the Dow Jones rose. Other notable stock movements included significant drops in AMD, TSM, ARM, and SCHW, while JNJ rallied on strong earnings.

Portfolio Pulse from Piero Cingari

July 17, 2024 | 6:27 pm

The Dow Jones Industrial Average and gold hit all-time highs as investors anticipate a September rate cut by the Federal Reserve. Small caps, tracked by the iShares Russell 2000 ETF (IWM), outperformed tech stocks. Key movers include Bank of America (BAC), UnitedHealth Group (UNH), and Boeing (BA).

Portfolio Pulse from Piero Cingari

July 16, 2024 | 5:20 pm

Microsoft's stock is trading flat in the premarket session. Mizuho analyst Gregg Moskowitz maintains an Outperform rating on Microsoft and raises the price target from $450 to $480. The U.K. Competition and Markets Authority (CMA) is investigating Microsoft's hiring of former Inflection AI employees and related agreements, with a phase 1 decision deadline set for September 11, 2024. The CMA aims to determine if this could lead to a significant reduction in competition within the U.K. markets. Microsoft asserts that hiring talent promotes competition and should not be treated as a merger. MSFT shares are trading higher by 0.04% to $454.15 premarket.

Portfolio Pulse from Nabaparna Bhattacharya

July 16, 2024 | 1:30 pm

The S&P 500 and Nasdaq 100 indices reached record highs, driven by the Magnificent Seven stocks. The Roundhill Magnificent Seven ETF (MAGS) saw a significant weekly gain. Gold miners rallied, with the VanEck Gold Miners ETF (GDX) showing strong performance. The labor market data led to increased expectations for Federal Reserve rate cuts. Major indices and ETFs showed mixed performance, with notable movements in tech and airline stocks.

Portfolio Pulse from Piero Cingari

July 05, 2024 | 5:45 pm

Wedbush analyst Daniel Ives remains bullish on the tech sector, driven by AI advancements. He highlights Nvidia, Microsoft, Amazon, Meta, Apple, and Alphabet as key players. Ives predicts a 15% rise in tech stocks in the second half of 2024, with significant spending expected in the sector.

Portfolio Pulse from Shanthi Rexaline

July 05, 2024 | 3:02 pm

All corporate logos and prices are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.