AI Supplier Testing New High At 600? ๐
During midday Thursday trading in New York, U.S. stocks displayed mixed performance, with the technology sector outperforming others as investors maintained a bullish outlook on artificial intelligence, temporarily setting aside concerns about interest rates.
โ ๏ธ Trading tips: Dip buy or no buy NVDA on OPEX Friday! Again, like a nagging granny, โdonโt chase the surge, wait for the plungeโ! We need to see the gap fill in order to maximise profits so tons of patience required. Better to hold cash than to lose money before the weekend! ๐
Wait for the retracement ๐
Atlanta Fed President Raphael Bostic stated his preference for the start of the rate reduction cycle in the third quarter, emphasizing the importance of avoiding premature cuts that could reignite demand and price pressures, aligning with recent comments made by his colleagues. He mentioned a willingness to initiate rate cuts before July should compelling evidence suggest faster-than-expected inflation deceleration.
The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.2% to $473.23, the SPDR Dow Jones Industrial Average (NYSE:DIA) inched 0.1% down to $372.38 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) was trading 0.7% higher to $410.20, according to Benzinga Pro data.
Big Tech moves market as predicted
Sector-wise, the Technology Select Sector Fund (NYSE:XLK) outperformed, up 1.2%, followed by the Communication Services Select Sector Fund (NYSE:XLC).
The Utilities Select Sector Fund (NYSE:XLU) was the laggard, down 1.4%, while the Real Estate Select Sector SPDR Fund (NYSE:XLRE) witnessed another 1% decline.
Medium and smaller-sized chipmakers, in comparison to NVIDIA Corp. (NASDAQ:NVDA) and Advanced Micro Devices Inc. (NASDAQ:AMD), emerged as top daily performers on the Nasdaq 1000 exchange. Marvell Technology, Inc. (NASDAQ:MRVL), QUALCOMM Incorporated (NASDAQ:QCOM), Applied Materials, Inc. (NASDAQ:AMAT), Lam Research Corporation (NASDAQ:LRCX) and ASML Holding N.V. (NASDAQ:ASML) all recorded gains ranging between 3% and 4% for the day.
Dip buy #1
Dip buy #2
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