As the stock market experienced a turbulent period, Nvidia stood out for losing a significant amount of market value in a single day. With a loss of $279 billion, Nvidia faced a 9.5% decline, marking its fifth instance of shedding more than $200 billion in market cap in a single day. Despite being up 118% in 2024, the stock has seen a decrease of 23.3% since June 20. The Department of Justice’s scrutiny of antitrust concerns has further impacted Nvidia, with the stock dipping an additional 2% after hours.
The VanEck Semiconductor ETF and iShares Semiconductor ETF experienced steep declines on Tuesday, falling 7.5% and 7.6% respectively. Nvidias’ weakness in the past week has also influenced other companies in the sector, with Micron Technology down 9.5%, Advanced Micro Devices down 9%, and KLA down 8.8% in five sessions.
Amidst the market turmoil, the SPDR S&P Dividend ETF and S&P Utilities Sector demonstrated stability. The SPDR S&P Dividend ETF fell 0.4%, but hit a 52-week high early in the session, boasting a 2.4% dividend yield. Meanwhile, the S&P Utilities Sector maintained a flat performance on Tuesday and reached a new 52-week high earlier in the day, showcasing a 3% dividend yield.
Real estate and homebuilders did not fare as well, as the SPDR S&P Homebuilders ETF fell 3.4% on Tuesday. Champion Homes emerged as the top performer in the last month, with an 18% increase, followed by Builders FirstSource and Floor & Decor posting gains of 11% and 10.3% respectively. Conversely, TopBuild suffered a 15% decline in the same period.
The S&P Energy sector faced a 2.4% decline on Tuesday, with companies like APA, EOG Resources, and Halliburton experiencing notable drops in their stock values. Despite some companies like Oneok and Targa posting gains of 15% in a month, others like APA, Halliburton, and SLB faced losses of about 6% in the same period.
Investors are eagerly anticipating the performance of gambling stocks as they approach the start of the football season. DraftKings, Flutter, MGM Resorts, and Caesars Entertainment have seen fluctuations in their stock prices, with DraftKings down 22% since February 12 and MGM Resorts down 22% since then, offering a diverse range of opportunities for investors.
The stock market’s recent fluctuations have presented both challenges and opportunities for investors. Understanding the performance of key companies across various sectors can provide valuable insights for making informed investment decisions in a volatile market environment.