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Trending Sectors | Tech Gains, Chip Slump; Gold Shines; EVs, Oil, and Retail in Focus for Savvy Investors

AInvestTuesday, Oct 15, 2024 5:30 pm ET
1min read
【Major U.S. Stock Indices】

The three major U.S. stock indices all closed higher. The S&P 500 rose 0.77% to 5,859.85 points; the Dow Jones increased 0.47% to 43,065.22 points; and the Nasdaq climbed 0.87% to 18,502.69 points. The market exhibited a positive trend, with tech stocks supporting the rebound. However, declines in the chip sector limited gains.

【Performance of Leading Tech】

Among the seven giants, Apple rose 1.10%, driven by the release of the new iPad Mini and positive market outlook. Amazon edged up 0.08%, with its $6 billion investment plan in Mexico drawing attention. Google increased 0.30%, advancing AI development with Nvidia. Meta fell slightly by 0.70%, facing a lawsuit over teenage social media. Microsoft dipped 0.10%, as its Xbox Game Pass saw user growth. Tesla inched up 0.19%, despite lacking specific data on robotaxis. Nvidia dropped sharply by 4.69% due to overall chip sector weakness.

【AI and Chip Sector】

In the AI sector, Nvidia led declines, falling 4.69% amid chip market softness. SMCI rose slightly by 0.78%, while Arm Holdings plunged 6.89%. Intel and AMD formed an X86 ecosystem advisory group, highlighting industry collaboration. The chip sector was dragged down by ASML's poor performance, with ASML plummeting 16.26%. TSMC and Broadcom were also significantly affected with noticeable declines.

【EV and Other Sectors】

In the EV sector, Tesla saw a slight increase, while Chinese newcomers like Li Auto dropped 5.56%. Traditional automakers such as Toyota and GM also weakened. In weight loss drugs, stocks like Eli Lilly and Novo Nordisk fell as hype cooled. Oil stocks were weak, with ExxonMobil and Occidental Petroleum experiencing significant declines due to lower oil prices.

【Cryptocurrency and Meme Stocks】

Cryptocurrency stocks showed mixed results, with Coinbase edging down 0.01% and Riot Platforms rising 0.34%. Bitcoin remained strong, nearing $67,000. Among meme stocks, AMC Entertainment rose slightly by 0.73%, while GameStop dipped 0.28%.

【Gold and Retail Sector】

Gold stocks generally rose, with Barrick Gold up 1.15% on news of increased gold holdings by several central banks. The retail sector performed well, with Walmart and Target rising on stable consumer demand.

【Banks and Vaccine Stocks】

Bank stocks were mixed, with JPMorgan Chase and Bank of America slightly up, while Citigroup dropped 5.11% due to rising credit card charge-offs. In vaccine stocks, Pfizer rose 1.24% on new drug approval, while Moderna fell slightly.

【Market Summary and Advice】

Despite chip sector weakness, overall market sentiment was positive, with tech stocks being the main driver. Investors should monitor changes in tech stock positions and be cautious of potential volatility in the chip industry. The growth trend in the gold sector is noteworthy as an attractive hedge.
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.