S&P 500 Notches Best Day Since June As Investor Sentiment Improves: Fear Index Moves To 'Greed' Zone
US institutional investors survey: Nvidia still the most popular, Broadcom catching up, concerns with Micron, bearish on AMD.
According to Citigroup's survey, with Broadcom acquiring more AI customers and adding value from VMware, it is catching up with Nvidia as the largest holding for investors, while investor sentiment towards Nvidia has cooled down.
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S&P rose more than 1%, small cap index rose 1.7%, Tesla and Nvidia rose about 5% each, while commodity fell again.
U.S. stocks rose with the S&P up over 1%, the largest increase in seven weeks, and the NASDAQ up 1.6%. Funds have returned to small cap stocks, with the small cap index rising 1.7%. Investors bought U.S. tech stocks on the dip, and only Apple and Amazon among the seven tech giants declined, with Tesla and Nvidia both up about 5%. Cybersecurity leader CrowdStrike, which triggered a global IT failure, fell more than 13%, nearly erasing this year's gains. Some Trump trades cooled down, with electric cars and photovoltaic stocks rising and petroleum stocks falling. There was a new variable in the U.S. presidential election over the weekend, and safe-haven demand initially pulled down U.S. bond yields and the dollar while boosting gold, but panic subsided and the VIX volatility index fell 10% from its highest level in nearly three months. The China concept stock index surged 2.8%, while offshore Renminbi fell more than 110 points to a two-week low. Oil prices initially fell more than 1%, and metal fell sharply.
Nvidia, Tesla, Rest of Mag 7 Lift Stock Market Higher | Wall Street Today
Is the darling of chip stocks changing? Citigroup: Broadcom is catching up with Nvidia.
According to Citigroup analysts, last week's communication with investors revealed that Nvidia is still the most bullish chip stock among investors, with Broadcom close behind due to its acquisition of VMware and gaining more AI customers such as OpenAI. Meanwhile, investors are becoming somewhat tired of Nvidia.
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