icon
icon
icon
icon
Upgrade
icon

Trending Sectors | Tech & EV Surge, AI Chips Hit Highs, Mixed Moves in Commodities and Cryptos

AInvestThursday, Nov 7, 2024 4:31 pm ET
2min read
【Major U.S. Stock Indices】

The U.S. stock market surged across the board, with the S&P 500 Index up 2.53% to close at 5929.04 points; the Dow Jones Industrial Average soared 3.57% to 43729.93 points; and the Nasdaq Index rose 2.95% to 18983.47 points. Market sentiment was boosted by Trump's election victory, and investors' optimistic expectations for future economic policies propelled the comprehensive rise in stock prices.

【Performance of Leading Tech】

The major tech giants in the U.S. market generally rose: Microsoft increased by 1.25%, Apple by 2.14%, Nvidia by 2.24%, Amazon by 1.48%, Google A by 2.39%, Meta by 3.42%, and Tesla by 2.90%. Microsoft announced strong quarterly earnings, with net profits up 10.66% year-over-year, demonstrating continued strong performance in AI and cloud computing. Apple faced warnings of margin declines, but its stock still rose, reflecting confidence in its long-term growth potential. Analysts remain optimistic about Tesla’s future performance, raising its target price to $350.

【AI and Chip Sector Performance】

In the AI and chip sector, Nvidia hit a new high, rising 2.24%, with a market cap reaching $3.65 trillion. Nvidia is benefiting from a surge in AI demand, with its CEO predicting AI will develop at a pace exceeding "Moore's Law." Among chip manufacturers, TSMC rose 4.12%, benefiting from its new factory in the U.S. nearing mass production. Qualcomm, despite reporting earnings that exceeded expectations, saw a slight dip of 0.05% due to market divisions on smartphone prospects.

【Electric Vehicle Sector Performance】

In the electric vehicle sector, Tesla continued to rise, gaining 2.90%, with its market cap rebounding to $953.099 billion. Domestic EV companies performed strongly, with XPeng Motors surging 15.61%, and Li Auto and NIO rising by 3.64% and 6.20%, respectively. Tesla’s new highs and the strong performance of domestic manufacturers indicate market attention on the growth potential of the EV industry.

【Commodities and Related Sectors Performance】

The oil sector showed mixed performance, with Exxon Mobil slightly up by 0.11%, while Chevron and Occidental Petroleum fell by 0.62% and 0.35%, respectively. Among gold stocks, while LBMA gold prices rose 1.61%, Franco-Nevada dropped 4.37%. Trump's election boosted the dollar, putting pressure on some commodity prices.

【Cryptocurrency and Meme Stock Performance】

Cryptocurrency-related stocks benefited from expectations of Trump’s policies, with Coinbase Global up 0.50% and Microstrategy up 5.04%. Meme stocks showed mixed performance, with AMC Entertainment down 6.11% and GameStop up 1.52%.

【Other Sectors Performance】

Retail stocks broadly rose, with Walmart, Costco, and Home Depot up 0.49%, 1.62%, and 2.85%, respectively. However, bank stocks generally fell, with JPMorgan Chase and Wells Fargo declining by 4.32% and 3.68%, respectively. Vaccine stocks showed mixed performance, with Pfizer up 0.37% and Moderna down 2.93%.

【Summary and Investment Recommendations】

Overall, driven by Trump’s election victory, market sentiment is optimistic, with tech and EV sectors particularly strong. However, investors should be mindful of pressure in the financial sector and volatility in the commodity market. It is recommended that investors focus on the tech and EV industries while being cautious of potential impacts from macroeconomic policy changes on the financial and commodity markets.
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.