đź’» Tech ETF Gains as Soft Jobs Data Fuels Rate Cut Hopes; NVIDIA Climbs on AI Optimism | Tech Sector Insights
VGT rose after U.S. private sector employment data showed a surprise drop, reinforcing expectations of Fed rate cuts. NVIDIA led gains amid a surge in the SOX index and AI-driven momentum, nearing a $4T market cap. Apple and Broadcom also supported the fund’s advance.
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Below are AI-generated insights on moves in the information technology sector, powered by MarketReader technology.
Wednesday, July 2
VGT [+1.1%]
Vanguard Information Technology ETF (VGT)
The Vanguard Information Technology ETF (VGT) has experienced a price increase of 1.1% since Tuesday. The U.S. private sector employment report revealed an unexpected decline of 33,000 jobs in June, raising concerns about economic health and fuelling speculation regarding potential Federal Reserve interest rate cuts. This development may influence market sentiment towards technology stocks, including VGT. Among the ETF's holdings, NVIDIA Corp emerged as a significant contributor, with its stock rising sharply, reflecting the overall increase in the SOX index. Apple and Broadcom also contributed positively to VGT's performance. Additionally, oil prices increased following a trade agreement between the U.S. and Vietnam, which could have indirect effects on technology companies linked to energy sectors or crude oil supply chains.