Trending Sectors | Tech, AI, EVs Surge Amid Election Uncertainty; Crypto, Retail, and Banking Gain Traction
Tuesday, Nov 5, 2024 4:31 pm ET
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【Major U.S. Stock Indices】
In the trading session on November 4th, Eastern Standard Time, all three major U.S. stock indices closed lower. The S&P 500 Index slightly decreased by 0.28%, closing at 5,712.69 points; the Dow Jones Industrial Average fell by 0.61%, closing at 41,794.60 points; the Nasdaq Index dropped by 0.33%, ending at 18,179.98 points. This volatility reflects the market's cautious attitude towards the upcoming U.S. elections and related policy uncertainties.
【Performance of Leading Tech】
Despite the overall market downturn, the leading tech stocks performed notably well. Microsoft rose by 0.73%, Apple increased by 0.65%, Nvidia surged by 2.85%, Amazon went up by 1.90%, Alphabet A gained 0.30%, Meta advanced by 2.10%, and Tesla led the way with a 3.54% increase. This performance was bolstered by multiple positive factors, including Nvidia overtaking Apple to become the most valuable company globally and Amazon receiving FAA approval for drone deliveries. Additionally, impending EU antitrust fines and smart glasses project rumors did not significantly impact Apple's stock price.
【AI and Chip Sector】
The AI and chip sectors demonstrated strong performance. Nvidia climbed by 2.85%, with its market cap reaching $3.43 trillion, continuing to lead related concept stocks. Nvidia's chip collaboration with SK Hynix and its solid position in the GPU market reinforced investor confidence. SMCI and Micron Technology rose by 6.42% and 3.70%, respectively, benefiting from the growing demand for AI chips. Chip manufacturing and equipment companies such as TSMC and Applied Materials also performed well, recording gains.
【Electric Vehicle Sector】
The electric vehicle sector also showed impressive results, with Tesla rising by 3.54% and its market cap rebounding to $807.137 billion. Domestic companies like Li Auto and XPeng also experienced notable gains. This trend may be linked to Tesla's adjusted sales strategy in the Chinese market and the overall growth potential of the electric vehicle market.
【Weight Loss Drugs, Oil, Gold, and Cryptocurrency Sectors】
In the weight loss drug sector, Viking Therapeutics increased by 2.36%, while AstraZeneca faced a pullback, dropping by 7.22%. The oil sector showed mixed results, with ExxonMobil slightly up by 0.32%, whereas Occidental Petroleum and Chevron saw minor declines. The gold sector also showed variability, influenced by market risk-aversion sentiment with mixed performances among major gold companies. Cryptocurrency stocks generally rose, with Riot Platforms climbing by 8.13%, reflecting the positive impact of Bitcoin's price nearing $70,000.
【Other Notable Sectors】
Retail and banking stocks generally rose, with retail giants like Walmart and Costco performing well, while banking stocks such as JPMorgan Chase and Goldman Sachs also saw considerable gains, reflecting ongoing optimism in the consumer and financial sectors. Meanwhile, vaccine stocks had mixed results, with Novavax increasing by 3.51%, while Moderna experienced a slight decline.
【Investor Advice】
Given the market's reaction to the upcoming U.S. elections and policy uncertainties, investors should remain cautious while focusing on high-growth sectors like technology, artificial intelligence, and electric vehicles. It is wise to diversify investments to mitigate risks, considering the asynchronous global economic recovery and differing national policies. Cautious investment is advised particularly in safe-haven assets like gold and cryptocurrencies, while staying attentive to market trends and policy changes.
In the trading session on November 4th, Eastern Standard Time, all three major U.S. stock indices closed lower. The S&P 500 Index slightly decreased by 0.28%, closing at 5,712.69 points; the Dow Jones Industrial Average fell by 0.61%, closing at 41,794.60 points; the Nasdaq Index dropped by 0.33%, ending at 18,179.98 points. This volatility reflects the market's cautious attitude towards the upcoming U.S. elections and related policy uncertainties.
【Performance of Leading Tech】
Despite the overall market downturn, the leading tech stocks performed notably well. Microsoft rose by 0.73%, Apple increased by 0.65%, Nvidia surged by 2.85%, Amazon went up by 1.90%, Alphabet A gained 0.30%, Meta advanced by 2.10%, and Tesla led the way with a 3.54% increase. This performance was bolstered by multiple positive factors, including Nvidia overtaking Apple to become the most valuable company globally and Amazon receiving FAA approval for drone deliveries. Additionally, impending EU antitrust fines and smart glasses project rumors did not significantly impact Apple's stock price.
【AI and Chip Sector】
The AI and chip sectors demonstrated strong performance. Nvidia climbed by 2.85%, with its market cap reaching $3.43 trillion, continuing to lead related concept stocks. Nvidia's chip collaboration with SK Hynix and its solid position in the GPU market reinforced investor confidence. SMCI and Micron Technology rose by 6.42% and 3.70%, respectively, benefiting from the growing demand for AI chips. Chip manufacturing and equipment companies such as TSMC and Applied Materials also performed well, recording gains.
【Electric Vehicle Sector】
The electric vehicle sector also showed impressive results, with Tesla rising by 3.54% and its market cap rebounding to $807.137 billion. Domestic companies like Li Auto and XPeng also experienced notable gains. This trend may be linked to Tesla's adjusted sales strategy in the Chinese market and the overall growth potential of the electric vehicle market.
【Weight Loss Drugs, Oil, Gold, and Cryptocurrency Sectors】
In the weight loss drug sector, Viking Therapeutics increased by 2.36%, while AstraZeneca faced a pullback, dropping by 7.22%. The oil sector showed mixed results, with ExxonMobil slightly up by 0.32%, whereas Occidental Petroleum and Chevron saw minor declines. The gold sector also showed variability, influenced by market risk-aversion sentiment with mixed performances among major gold companies. Cryptocurrency stocks generally rose, with Riot Platforms climbing by 8.13%, reflecting the positive impact of Bitcoin's price nearing $70,000.
【Other Notable Sectors】
Retail and banking stocks generally rose, with retail giants like Walmart and Costco performing well, while banking stocks such as JPMorgan Chase and Goldman Sachs also saw considerable gains, reflecting ongoing optimism in the consumer and financial sectors. Meanwhile, vaccine stocks had mixed results, with Novavax increasing by 3.51%, while Moderna experienced a slight decline.
【Investor Advice】
Given the market's reaction to the upcoming U.S. elections and policy uncertainties, investors should remain cautious while focusing on high-growth sectors like technology, artificial intelligence, and electric vehicles. It is wise to diversify investments to mitigate risks, considering the asynchronous global economic recovery and differing national policies. Cautious investment is advised particularly in safe-haven assets like gold and cryptocurrencies, while staying attentive to market trends and policy changes.