💻 Semiconductors Under Pressure: NVIDIA and Applied Materials Drop on China Concerns, Palantir Soars Amid Nasdaq Move | Tech Sector Insights
(VGT) has declined by 2.2% today, reflecting broader market trends as the S&P 500 Index has dropped by 1.04%. Recent comments from Federal Reserve Chair Jerome Powell suggest a cautious stance on interest rate cuts due to strong economic performance, which is influencing market expectations.
Welcome to the MarketReader Minute.
Below are AI-generated insights on moves in the information technology sector, powered by MarketReader technology.
Friday, November 15
VGT [-2.2%]
Vanguard Information Technology ETF (VGT)
The Vanguard Information Technology ETF (VGT) has declined by 2.2% today, reflecting broader market trends as the S&P 500 Index has dropped by 1.04%. Recent comments from Federal Reserve Chair Jerome Powell suggest a cautious stance on interest rate cuts due to strong economic performance, which is influencing market expectations. Additionally, U.S. retail sales data showed a 0.4% increase, indicating resilience in consumer spending amid inflation concerns. Among VGT's holdings, notable declines include NVIDIA, Microsoft, Apple, Applied Materials, and Broadcom, with Microsoft experiencing a drop despite surpassing revenue expectations. Applied Materials reported better-than-expected fourth-quarter earnings but issued a lower revenue forecast for the first quarter. Furthermore, the recent NY Empire State Manufacturing Index release significantly exceeded expectations, contributing to VGT's historical volatility and reflecting a robust economic outlook that typically benefits technology investments.