Chip stocks rally, but still far from AI highs
Main U.S. indexes rally: Nasdaq out front, up ~2.3%
All S&P 500 sectors green; Tech leads
Euro STOXX 600 index up ~0.1%
Dollar edges up; crude up ~1%; gold up >1%; bitcoin up >8%
U.S. 10-Year Treasury yield rises to ~4%
Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com
CHIP STOCKS RALLY, BUT STILL FAR FROM AI HIGHS
Chip stocks are ripping on Thursday, showing the AI rally may still have legs as new economic data eases fears of a U.S. recession.
Nvidia NVDA.O jumped 4% and Broadcom AVGO.O rallied over 5%, climbing along with other growth stocks after data showed the number of Americans filing new applications for unemployment benefits fell more than expected last week.
The PHLX chip index .SOX rallied 5%, recovering some of the steep losses it suffered in recent sessions over worries about the U.S. economy and concerns that AI-related stocks had rallied too much, too quickly.
Arm Holdings O9Ty.F jumped over 7%, and it remains down over 20% from before Aug. 1, when its weaker-than-expected revenue forecast sparked worries it would take longer than expected to benefit from spending on AI infrastructure.
Including Thursday's recovery, the chip index is down about 20% from its record high close on July 10, and it remains up 12% so far in 2024.
In a client note on Thursday, Yardeni Research reminds investors that while AI-related stocks like Nvidia and Advanced Micro Devices AMD.O make headlines, several chipmakers are suffering from weak demand due to an inventory correction.
Texas Instruments TXN.O in late July pointed to weak demand for its chips used in PCs and industrial and communications equipment and said its communications business was hurt by weak demand from wireless base stations.
Texas Instruments' stock added 4.4% on Thursday, lifting its 2024 gain to 13%.
"Fortunately, inventory corrections end eventually, and semiconductors stocks may perk up in anticipation of a recovery even if it‘s a few quarters away," Yardeni writes.
All 30 stocks in the PHLX index were up as of mid-day.
(Noel Randewich)
*****
FOR THURSDAY'S EARLIER LIVE MARKETS POSTS:
SUDDEN STRENGTH IN LAGGARDS DOESN'T NECESSARILY SIGNAL A STOUT MARKET - CLICK HERE
NOT A GOOD BACKDROP FOR US 30-YEAR BOND AUCTION - CLICK HERE
WALL STREET GAINS, CHEERED BY US JOBLESS CLAIMS - CLICK HERE
NASDAQ COMPOSITE: INTERNALLY CHALLENGED - CLICK HERE
EURO ZONE EQUITIES "LESS THAN STELLAR" - PICTET AM - CLICK HERE
BANKS: A GOOD ENTRY POINT? - CLICK HERE
BUY THE DIP ON EUROPE'S AI WINNERS, SAYS MS - CLICK HERE
THAT UNWIND FEELING - CLICK HERE
DOWN (SLIGHTLY) WE GO AGAIN... - CLICK HERE
NO LET UP IN VOLATILITY - CLICK HERE
Chips stocks https://tmsnrt.rs/3WWGNDd
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料，僅適用於教育/資訊類用途，不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議，或是交易價格紀錄，或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容，包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接，皆爲‘按原狀’，並作爲一般市場評論所提供，而非投資建議。請理解和接受，所有被歸類為投資研究範圍的相關内容，並非爲了促進投資研究獨立性，而根據法律要求所編寫，而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊，相關詳情請點擊 這裡查看。
