The MarketReader Minute
The Vanguard Information Technology ETF has declined, reflecting a broader downturn in the technology sector, largely attributed to the anticipated lackluster launch of Apple's iPhone 16. This sentiment is echoed by significant losses across other technology-focused ETFs.
The MarketReader Minute
Some of the largest macro moves in the market today include: AEX 25 Index (Netherlands) -1.4%. Some of the largest moves among US mega-cap stocks include: NVIDIA Corp (NVDA) -1.9%.
The MarketReader Minute
Key contributors to this performance included Amazon (AMZN), which dropped significantly, contributing negatively to the fund's overall performance.
The MarketReader Minute
The iShares Biotechnology ETF (IBB) has seen a price increase of 0.2% since Friday, driven by significant movements among its holdings. Notably, Vaxcyte, Inc. (PCVX) reported positive Phase 1/2 results for its pneumococcal vaccine, which contributed substantially to the ETF's performance.
The MarketReader Minute
The ISM Manufacturing PMI reported a slight increase but remained below expectations, indicating ongoing contraction in U.S. factory activity. This data typically results in a pronounced reaction in the financial sector. Meanwhile, the ETF is currently outperforming other sectors like Technology.
The MarketReader Minute
Among VGT's holdings, NVIDIA experienced a significant decline due to delays with its Blackwell chips and a modest earnings report, contributing notably to the ETF's performance.
The MarketReader Minute
The Energy Select Sector SPDR Fund is currently under pressure, reflecting a notable decline, making it the largest detractor within the S&P 500. It is trading near its 200-day moving average support level. Key holdings are also down, all reporting negative returns.
The MarketReader Minute
Some of the largest macro moves in the market today include: Copper -2.0%. Oil (WTI) -1.9%. S&P 500 Index (US) -0.5%. Some of the largest moves among US mega-cap stocks include: NVIDIA Corp (NVDA) -2.0%. Exxon Mobil Corp (XOM) -1.0%. JPMorgan Chase & Co (JPM) -0.7%.
The MarketReader Minute
The Energy Select Sector SPDR Fund (XLE) has declined, making it the only S&P sector ETF in negative territory. This drop follows unsettling headlines regarding OPEC+, raising concerns in the oil market.
The MarketReader Minute
Notable contributors to this performance include Tesla (TSLA), which gained following a legal victory for Elon Musk regarding a dismissed lawsuit related to Dogecoin, despite facing heightened competition in China and a recall of Model X vehicles.
The MarketReader Minute
Key contributors to this performance include NVIDIA Corp. (NVDA), which, despite a recent dip post-earnings, has a year-to-date gain of 144%. Other significant performers were Broadcom Inc. (AVGO), Microsoft Corp. (MSFT), Intel Corp. (INTC), and Apple Inc. (AAPL).
The MarketReader Minute
Some of the largest moves among US mega-cap stocks include: Broadcom Inc (AVGO) +2.7%. The most significant market events currently include the release of key economic data from the United States. Personal spending in July increased by 0.5%, while personal income rose by 0.3%.
