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.
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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.
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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.
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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%.Â
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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.
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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.
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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).
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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%.
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Key contributors to this performance include Western Alliance Bancorporation (WAL), which increased significantly, along with Columbia Banking System (COLB) and Regions Financial Corporation (RF), both also showing notable gains.
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Exxon’s warning of an impending oil supply crisis due to insufficient investment in new production has implications for XLE. Geopolitical tensions following Ukraine's strikes on Russian oil depots may further disrupt global energy markets, contributing to XLE's current daily return of 0.32%.
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Key contributors to this performance include Tesla (TSLA), which increased significantly following its request for a lower tariff on electric vehicles from the Canadian government and received a buy rating from William Blair, underscoring growth potential in Tesla Energy products.
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Significant contributions to this performance came from several holdings. Microsoft (MSFT) saw a notable return, supported by reports of its negotiations for a multi-billion dollar investment in OpenAI, potentially boosting its valuation significantly.
