Semiconductor stocks continued to rally
27/5/2023 Market Diary
1. MGK $Vanguard Mega Cap Growth Index Fund ETF Shares(MGK)$ +1.94% further strengthen to reach a 52-week high.
2. Semiconductor stocks continued to rally, with SOX $Philadelphia Semiconductor Index(SOX)$ +6.3% and SMH $VanEck Vectors Semiconductor ETF(SMH)$ +4.91%, pushing QQQE $Direxion NASDAQ 100 Equal Weighted Index Shares(QQQE)$ +2.58% to logged its strongest 1 day gain in 2023.
3. Notably, XLY $Consumer Discretionary Select Sector SPDR Fund(XLY)$ rebounded by +2.35%, erasing a week of losses in a single session, boosted by retailers COST $Costco(COST)$ +4.3%, GPS $Gap(GPS)$ +12.4%, WDAY $Workday(WDAY)$ +10% & PDD $Pinduoduo Inc.(PDD)$ +19% from their earnings reaction.
4. Comparative strength of % gain from 52-weeks low, only XLK $Technology Select Sector SPDR Fund(XLK)$ and XLC $Communication Services Select Sector SPDR Fund(XLC)$ is leading SPY $SPDR S&P 500 ETF Trust(SPY)$
5. ESPO $VanEck Vectors Video Gaming and eSports ETF(ESPO)$ and CIBR $First Trust NASDAQ Cybersecurity ETF(CIBR)$ group broke out of bases, ARGT $Global X MSCI Argentina ETF(ARGT)$ group setting up. 5 x ARGT stock with long term bases setting up.
6. Focus: BMEA $Biomea Fusion, Inc.(BMEA)$ RXRX $Recursion Pharmaceuticals, Inc.(RXRX)$
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