UPDATE

🌤️ Happy Wednesday

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Read time: 4 minutes

WEEK IN REVIEW

📈 Market Performance

S&P 500 (5-Day), via Google Finance

While the S&P 500 and the market as a whole have seemed to largely hold their levels from last week, the true picture may be hiding in what the market does within the week. As noted by the Wall Street Journal, the market may be more volatile than the end-of-week recovery might indicate.

This is best seen on a 5-day chart of S&P, which shows several sharp declines followed by brief recoveries. Now, these fluctuations are small in the grand scheme of market cycles (most won’t see a difference in their investments). However, it’s worth noting that markets never stop moving no matter how high the rally.

WEEKLY WATCHLIST

📟 Big Tech Behind Market Boost

Google Logo Mockup Lumapoche, via pixabay

According to CNBC, investors have been “riding a wave of optimism” as the Nasdaq prepares to close out its best first half in 40 years. Much of the momentum seems to be coming from large-cap tech (or “mega” cap) stocks pushing for artificial intelligence in recent months.

• Researchers are confident that this growth, coupled with recoveries after each minor drop in the various indices, are signs of a potential bull market.

Some of the companies that have seen significant growth after AI-based product announcements are:

• Nvidia (NVDA) grew 24% in a single day after a generative AI announcement.

• Microsoft (MSFT) bumped up around 10% in late April

• Apple (AAPL) has been growing consistently since spring and this week reached an all-time high propelled by the VisionPro AR announcement.

🕚 How Long Can This Last?

Analysts are unsure if these mega-cap tech stocks can continue to support the market. While other industries see mediocre growth after various crises (think bank stocks after the Silicon Valley Bank crash or oil stocks after recent OPEC announcements) tech companies consistently have products rolling out.

While Apple, for example, may be in a season of few product announcements, Google may be rolling out its phones. Then, vice versa. This pattern of the majority of large tech companies consistently releasing new phones, computers, and operating systems seems to keep the industry moving. Time will tell if this movement can push the S&P and Nasdaq as a whole.

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ONE MORE THING

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Nothing MARK IT. publishes constitutes professional and/or financial advice, nor does any information published by MARK IT. constitute a comprehensive or complete statement of the matters discussed.