Nvidia and Semis Follow Market Higher after Kamala Takes the Stage | Herd on Wall Street
Morning traders, Happy Monday, where the market is open and working properly following a blue screen filed Friday. Investors are pricing in the aftermath of the closest to election day step down of a presumptive nominee: Biden is out.
Market Advances Monday after Biden Steps Down
The market climbed Monday morning. The $S&P 500 Index(.SPX.US)$ advanced -0.70%, the $Dow Jones Industrial Average(.DJI.US)$ climbed 0.11%, and the $Nasdaq Composite
Bank of America: Everyone believes in a rate cut and a trade with Trump, so it's time to "buy rumors, sell news".
Bank of America's Chief Strategist Michael Hartnett believes that market risk appetite is rotating, rather than receding, and expects funds to flow from the US dollar to gold, from large-cap stocks to small-cap stocks, and the market will shift from momentum trading to volatility trading.
What to Expect in the Week Ahead (Google and Tesla Earnings; GDP and PCE Data)
This week, investors should keep an eye on earnings reports from several key players, including Google and Tesla. Key economic data to watch for will include the release of the first estimate of second-quarter gross domestic product and the Federal Reserve's preferred inflation measure for June.
NASDAQ is experiencing a major correction, where can you hide? The Dow Jones, gold, and US bonds are all falling, but bitcoin remains 'strong'.
Market style has changed due to factors such as improved prospects for Trump's campaign and increased expectations for interest rate cuts.
US stocks closed with all three major indices falling, with the S&P Nasdaq index seeing its largest weekly decline in three months. Technology stocks weakened, with Tesla down more than 4%, Nvidia down more than 2%, and CrowdStrike down more than 11%.
Investors accelerated their escape from technology stocks, with stocks and bonds in Europe and the United States being hit hard for two days. This week, the S&P 500 and Nasdaq fell by about 2% and 3.7%, respectively. The Nasdaq stopped its six-week continuous rise, while the Dow and small-cap indices rose by 0.7% and 1.7%, respectively. Chip stocks fell more than 3% on Friday and nearly 9% for the week. Nvidia also fell more than 8.7% for the past three months, making it the worst performer. The "seven sisters of technology" all fell for the week, and cybersecurity leader Crowdstrike, which triggered a global technology outage, fell 11% on Friday, the worst in nearly two years. The VIX panic index rose more than 32% for the week.
72830848 : The US dollar index needs to test 104. If you hold on, you can watch 105.