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Home News Tech Giants Lead Strong Week on Wall Street, Defying Historical September Slump

Tech Giants Lead Strong Week on Wall Street, Defying Historical September Slump

by sun

As August came to a close with vigor and a robust Friday jobs report, the stock market enjoyed a favorable week leading up to Labor Day, setting an optimistic tone for September.

Historically, September has earned a dubious reputation as the weakest month for stocks, with the S&P 500 witnessing an average decline of 1.1% during the month since 1928.

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However, as September dawns, several prominent stocks defy this trend, instilling hope among investors for a continuation of the recent bullish momentum.

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Nvidia (NVDA) emerged as a standout performer, reporting a remarkable 5.4% increase in its stock value, closing the week at $485.09 and achieving a historic record closing high of $493.55 on Thursday. Despite a minor dip of 2.3% following the eagerly awaited earnings release on August 23, Nvidia’s stock is now up an astonishing 232% in 2023. Market analysts remain optimistic about its future prospects, with an average price target of $645.29, suggesting a potential 31% upside from the Friday closing price, as reported by FactSet data.

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In tandem with Nvidia, other members of the elite ‘Magnificent 7’ also displayed impressive performances. Apple (AAPL) saw a robust 6.1% gain throughout the week, while Netflix (NFLX) surged by 5.7%, and Google’s Alphabet (GOOGL) climbed by 4.5%. Meta Platforms (META) reported a 3.8% increase, Amazon (AMZN) followed closely with a 3.6% gain, and Tesla (TSLA) stock witnessed a respectable 2.7% rise.

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The tech sector, including chip stocks, experienced a prosperous week. Micron Technology (MU) and Intel Corp (INTC) demonstrated remarkable growth with gains of 10.5% and 10.1%, respectively. Among the top-performing stocks in the S&P 500, Western Digital (WDC), a disk-drive and flash-memory chip company, led the way with a substantial 16.4% increase, closely followed by data storage company Seagate Technology (STX), which reported a 14.4% surge.

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In contrast, it was a challenging week for retailers, particularly those in the discount sector. Dollar General (DG) saw the sharpest decline, plummeting by 16% following disappointing earnings and a reduced guidance outlook. Dollar Tree also reported a 3.7% fall. Walgreens Boots Alliance faced its own challenges, with a 7.2% drop as the healthcare giant announced the departure of its CEO, Rosalind Brewer.

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As Wall Street embarks on September, the remarkable performances of tech giants provide a glimmer of optimism, defying the historical market patterns for the month, and setting the stage for an intriguing month ahead.

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