Reply To: Traders Market Weekly: No Fear as Risk Complacency Rises

#74447
Truman
Participant

NVIDIA (NVDA 947.80, +23.01, +2.5%) was a winning standout from both spaces after several analysts raised their price targets in front of NVDA’s earnings report Wednesday afternoon. Microsoft (MSFT 425.34, +5.13, +1.2%) also logged a decent gain after introducing Co Pilot+ PCs and in front of its Build Developers Conference, which starts tomorrow.

The S&P 500 information technology sector (+1.3%) led the index by a wide margin, benefitting from price action in its semiconductor and mega cap components.

The heavily-weighted financial sector logged the largest loss, falling 1.2%. This price action was due in part to a sizable loss in JPMorgan Chase (JPM 195.58, -9.21, -4.5%) after turning lower in response to CEO Dimon saying at its Investor Day that the company is not expecting to buy back a lot of stock at these levels.

The consumer discretionary sector (-0.7%) was the next worst performer due to losses in Amazon.com (AMZN 183.54, -1.16, -0.6%) and Tesla (TSLA 174.95, -2.51, -1.4%). Declines in retailer components also contributed to the underperformance of the consumer discretionary sector in front of earnings report from some influential names in the space this week.