The MarketReader Minute
VGT has declined by 0.2%, coinciding with a broader market trend as the S&P 500 Index has dropped by 0.15%. The recent U.S. Consumer Price Index (CPI) data revealed a 0.2% increase from August, slightly above expectations, while core CPI rose by 0.3%, exceeding forecasts.
The MarketReader Minute
Significant movements among VGT's holdings included declines from major contributors such as Apple, Intuit, Texas Instruments, Qualcomm, and Oracle. Apple CEO Tim Cook sold over $50 million in stock amid company transitions, while Qualcomm's CTO sold shares, raising concerns about insider sentiment.
The MarketReader Minute
NVIDIA (NVDA) also saw a decrease, as did First Solar (FSLR), which underperformed in the solar sector despite receiving a positive preliminary determination on Countervailing Duty.
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Mixed macroeconomic signals are evident, as the ISM Manufacturing PMI indicates continued contraction, while job openings exceed expectations. Conversely, construction spending unexpectedly fell, highlighting weaknesses in that sector. The ETF is trading with unusually high market volume today.
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Micron Technology Inc. reported strong fourth-quarter results, surpassing revenue and earnings expectations, which has positively influenced its share price. Additionally, Microsoft Corp.'s substantial investment in OpenAI, now transitioning to a for-profit model .
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Intel (INTC) saw its stock cross the 50-day moving average, leading to a notable rise, alongside the announcement of its Xeon 6 with AI accelerators. Salesforce (CRM) is set to acquire Zoomin to enhance its Data Cloud capabilities.
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NVIDIA (NVDA) emerged as a top performer, with a notable return attributed to the CEO's sale of six million shares and a new partnership with NetApp to bolster AI capabilities.
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Micron's stock rose significantly, while Apple is facing mixed signals regarding demand for its iPhone 16, although longer lead times suggest potential demand stabilization. Intel's stock surged amid reports of Apollo Global Management considering a substantial investment.
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Key contributors to VGT's performance include NVIDIA, Microsoft, Qualcomm, Applied Materials, and Texas Instruments, all of which experienced negative returns.
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Key contributors to this performance include Microsoft (MSFT), which announced a 10% increase in its quarterly dividend to 0.83 per share and a new $60 billion share repurchase program, coinciding with its annual shareholders meeting scheduled for December 10, 2024.
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Key contributors to VGT's performance include Apple Inc., which faced significant challenges due to lower-than-expected demand for its iPhone 16 Pro and Pro Max models, resulting in a notable negative return.
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Key contributors to this performance include Nvidia, Broadcom, Oracle, Applied Materials, and Micron, each experiencing notable returns. Oracle Corp announced long-term revenue guidance exceeding consensus estimates, projecting at least $66 billion for fiscal 2026.
