The MarketReader Minute
(XLY) fell in line with broader market weakness, pressured by steep losses in CarMax, Tapestry, and Deckers Outdoor. Tesla and Amazon also weighed on performance, while Nike and Lululemon faced fresh analyst downgrades.
The MarketReader Minute
(VGT) fell 0.4% as the S&P 500 also declined, despite Q2 GDP growth of 3.8% and lower jobless claims signaling economic strength. Microsoft’s service halt to an Israeli defense unit, Oracle’s Sell rating and bond plans, and a Qualcomm downgrade offset solid results from Accenture.
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U.S. jobless claims drop to two-month low while durable goods orders rise, but mixed economic signals and cautious European sentiment lead to significant global market sell-offs.
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XLY advanced 0.7%, outperforming several S&P sectors despite mixed market breadth. Tesla, Ross Stores, McDonald’s, Lululemon, and GM were key contributors, while stronger-than-expected U.S. new home sales and optimism around lithium supply chains added momentum to the sector.
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VGT fell nearly 1% alongside a broader S&P 500 pullback, after Fed Chair Jerome Powell cautioned on equity valuations and inflation risks. Apple, Nvidia, Microsoft, Oracle, and Adobe all traded lower, with Oracle under pressure from a planned bond sale and Adobe downgraded by Morgan Stanley.
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Boeing and EV makers surge on major orders and expansion news, while Wayfair sinks amid new tariff pressures.
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(VGT) fell after Fed Chair Jerome Powell flagged inflation risks despite potential rate cuts. Nvidia’s multibillion-dollar AI partnership with OpenAI failed to lift tech stocks, with Microsoft and Apple also retreating. Oracle announced a Texas data center expansion with OpenAI.
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Mixed economic signals in Europe as U.S. stock indices hit record highs amid Fed rate cuts and rising gold prices driven by geopolitical risks.
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VGT rose 1.7% after the Fed’s 25bps cut boosted equity sentiment. Nvidia’s massive AI partnership with OpenAI fueled optimism across chipmakers, while Apple gained on strong iPhone 17 sales. Oracle reaffirmed guidance with new co-CEOs, and Applied Materials advanced on an MSCO upgrade.
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Federal Reserve Cuts Rates, Boosting U.S. Stocks to Record Highs Amid Global Geopolitical Tensions and Rising Gold Prices.
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The Vanguard Information Technology ETF gained Thursday, lifted by rate cut optimism and sector catalysts. Nvidia’s $5B Intel partnership, Apple’s strong Asia demand, and Microsoft’s AI server push drove momentum, while Intuit advanced on upbeat AI revenue prospects.
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Bank of Japan holds interest rates at 0.5% amid inflation concerns, while UK retail sales rise and U.S.-China relations remain tense ahead of key talks.
