S&P 500 sectors saw mixed results, with IT up 7.3% and Consumer Discretionary rising 6.1%, while Energy dropped 0.7%.
Sectors & Industries
September 16, 2024
The S&P 500 sectors saw varied performance, with Information Technology leading the gains at 7.3%, despite Apple losing a 13B euro tax battle. Consumer Discretionary stocks rose 6.1%. Telecom and Industrials also performed strongly, rising by 4.3% and 3.7%, respectively. Real Estate and Utilities both gained 3.4%, while Materials were up by 3.2%. Consumer Staples, Healthcare, and Financials saw more modest increases of 1.1%, 1.4%, and 0.5%, respectively. Energy was the only sector to decline, down by 0.7%.
Nvidia sparked a tech-stock rally after CEO Jensen Huang highlighted “incredible” demand for the company’s chips during a Goldman Sachs event on Wednesday. While such optimism isn’t new, investors seemed particularly energized by his assertion that every dollar spent on Nvidia infrastructure could generate $5 in cloud-computing revenue, reaffirming confidence in the AI trend.
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