Tesla, Google Spark Sell-Off in Technology ETFs

Zacks07-25

Tesla TSLA and Alphabet GOOGL kicked off the Q2 reporting cycle for the “Magnificent 7” stocks, sparking a huge sell-off in the technology sector and the Nasdaq Composite Index. The Nasdaq Composite ...

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The Nasdaq Composite ...</p>\n\n<a href=\"https://finance.yahoo.com/news/tesla-google-spark-sell-off-140000055.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00B3SWFQ91.USD","symbol_name":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","start_time":0,"source_url":"https://finance.yahoo.com/news/tesla-google-spark-sell-off-140000055.html","article_id":"2454198803","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/IzysE9bvALqVDu5F6LSKrw--~B/aD0zNDk7dz02MjA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/16e97280311e92d3d370e2a86ed2f055"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2454198803","pubTimestamp":1721916000,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Tesla TSLA and Alphabet GOOGL kicked off the Q2 reporting cycle for the “Magnificent 7” stocks, sparking a huge sell-off in the technology sector and the Nasdaq Composite Index. 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The Nasdaq Composite dropped 3.6% or 654 points, marking its biggest percentage decline since October 2022 and its biggest points decline in more than four years, respectively. The rout wiped out about $1 trillion in market capitalization from the tech-heavy index.In particular, the “Magnificent 7” stocks lost more than $750 billion in market cap, the most on record for the group as other mega-caps also tumbled. Meta Platforms (META) declined 5.6%, Microsoft (MSFT) slid 3.6% and Apple (AAPL) dropped 2.9%.\nTesla, Google Spoil Mood\nTesla stock plunged 12.3% to record its worst day since 2020 on weaker-than-expected results and a big drop in auto revenues. The electric automaker continued its losing earnings streak for the fourth consecutive quarter.Meanwhile, Google's parent company, Alphabet, saw the biggest one-day drop since Jan 31, declining 5% following its quarterly results. Although Alphabet surpassed earnings and revenue estimates, YouTube advertising revenues came in below the consensus estimate (read: Google Heavy ETFs in Focus Following Upbeat Q2 Earnings).This had a ripple effect on the other players in the tech space, underscoring that the wave of AI might be cooling. Super Micro Computer (SMCI) dropped 9.1%, Nvidia (NVDA) fell 6.8%, and Broadcom (AVGO) lost 7.6%.\nETF Impact\nThe Roundhill Magnificent Seven ETF MAGS, an equal-weighted index of the seven companies, tumbled 6.1%, representing its largest drop since it began trading in April 2023. This decline dragged the ETF into correction territory, as MAGS is down about 12% since Jul 10. MicroSectors FANG+ ETN FNGS, which offers exposure to 10 highly traded growth stocks of next-generation technology and tech-enabled companies, also dropped 6%.YieldMax TSLA Option Income Strategy ETF TSLY, an actively managed fund that seeks to generate monthly income by selling/writing call options on Tesla, plummeted 10%. Simplify Volt Robocar Disruption and Tech ETF VCAR and YieldMax AI Option Income Strategy ETF AIYY lost about 8% each.  VCAR is an actively managed fund and employs a call option overlay to seek boosts in performance during extreme moves up in Tesla while holding a tech index for diversification and put options as a hedge. AIYY is also an actively managed fund that seeks to generate monthly income by selling/writing call options on AI (read: ETFs in Focus Post Tesla's Mixed Q2 Results). ARK Innovation ETF ARKK was down 6.4% on the day. This actively managed fund invests in companies that benefit from the development of new products or services, technological improvements and advancements in scientific research related to the areas of DNA Technologies and Genomic Revolution, Automation, Robotics, Energy Storage, Artificial Intelligence, Next Generation Internet and Fintech Innovation. Tesla occupies the top spot with 14.5% in the fund’s basket. Meanwhile, YieldMax NVDA Option Income Strategy ETF NVDY, an actively managed fund that seeks to generate monthly income by selling/writing call options on Nvidia, saw a decline of 5.9%.\nWhat’s Ahead?\nAfter dismal results from Tesla and Google, investors are keen to watch closely the quarterly reports of other big names in the coming weeks. Microsoft is scheduled to report on Jul 30, followed by Meta Platforms, Apple and Amazon (AMZN) later in the week. NVIDIA, the biggest beneficiary of AI spending, will be the last to report on Aug 28.Per the Zacks Earnings Trend report, second-quarter earnings of the ‘Magnificent 7’ companies are expected to be up 26.6% from the same period last year on 13.6% higher revenues. Beyond the Mag 7, second-quarter earnings of the technology sector as a whole are expected to be up 16.3% from the same period last year. The revision trend for the tech sector has been positive for a while now. The sector alone is on track to bring in almost 30% of all S&P 500 earnings over the coming four-quarter period.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nTesla, Inc. (TSLA) : Free Stock Analysis Report\nAlphabet Inc. (GOOGL) : Free Stock Analysis Report\nARK Innovation ETF (ARKK): ETF Research Reports\nRoundhill Magnificent Seven ETF (MAGS): ETF Research Reports\nMicroSectors FANG+ ETN (FNGS): ETF Research Reports\nSimplify Volt Robocar Disruption and Tech ETF (VCAR): ETF Research Reports\nYieldMax TSLA Option Income Strategy ETF (TSLY): ETF Research Reports\nYieldMax NVDA Option Income Strategy ETF (NVDY): ETF Research Reports\nYieldMax AI Option Income Strategy ETF (AIYY): ETF Research Reports\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.0","shortVersion":"4.29.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2454198803"}