Trending Sectors | AI and Chips Shine Amid Tech Declines; EVs, Oil, and Weight Loss Drugs Show Mixed Results
AInvestMonday, Oct 7, 2024 5:30 pm ET
1min read
AAPL --
AMZN --
GOOGL --
META --
MSFT --
【Major U.S. Stock Indices】

On October 4, Eastern Time, the three major U.S. stock indices all closed higher. The S&P 500 rose 0.90% to 5751.07 points; the Dow Jones increased by 0.81% to 42352.75 points; the Nasdaq climbed 1.22% to 18137.85 points. Overall, market sentiment was positive, benefiting from strong economic data and investor optimism about a future bull market.

【Performance of Leading Tech】

The seven major U.S. tech giants mostly declined. Microsoft fell 1.57%, Apple dropped 2.25%, Amazon decreased 3.06%, Google A declined 2.44%, Meta fell 1.87%, and Tesla dropped 3.70%. Notably, Nvidia bucked the trend, rising 2.24%, becoming one of the few giants to outperform the market. Apple's decline might be linked to news of its procurement chief Dan Roskoth's retirement; Amazon was affected by a court partially dismissing its antitrust motion. Google is facing a challenge from Epic Games' antitrust case and plans to appeal the decision.

【AI and Chip Sector】

The AI sector showed mixed results, with Nvidia continuing to rise, up 2.24%, benefiting from ongoing demand for its GPUs. SMCI showed strong performance, soaring 15.79%, due to better-than-expected shipments of its new liquid-cooled GPUs. Chipmaker TSMC rose 1.85%, driven by breakthroughs in 2nm technology; however, chip equipment and materials companies like ASML and Applied Materials mostly declined, reflecting market concerns over supply chain disruptions.

【EV and Weight Loss Drug Sector】

In the electric vehicle sector, Tesla fell 3.70%, with its market cap shrinking to $769.365 billion. However, domestic new players like Li Auto, NIO, and XPeng generally rose. In the weight loss drug sector, Novo Nordisk and Eli Lilly performed better, up 2.34% and 1.29% respectively, while others like Viking Therapeutics saw significant declines.

【Oil, Gold, and Cryptocurrency】

Oil stocks generally rose, with ExxonMobil up 0.43%, driven by rising global oil prices. Gold stocks were generally under pressure, with Barrick Gold and Newmont falling 1.14% and 0.67% respectively. Cryptocurrency-related stocks diverged, with MicroStrategy up 5.43%, while Coinbase fell 1.16%.

【Other Sectors and Key Stocks】

Retail stocks generally declined, with Walmart and Target seeing significant drops. Bank stocks were mixed, with Wells Fargo slightly up. In vaccine stocks, Pfizer rose 2.17% after winning a UK patent lawsuit.

【Investment Advice】

Market performance was complex, with tech giants generally under pressure, but the chip and AI sectors showed resilience. Investors should focus on the long-term growth potential of tech stocks while being cautious of possible market volatility. The energy sector, influenced by geopolitical factors, still has room to rise, while the cryptocurrency market requires caution.
Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.