AI Stock Market Roundup w/c 3rd of September
w/c 3rd of September Roundup, Plus What to Watch This Week
Each week I review the biggest movements within the AI stock market from last week and let you know what key market trends to look out for in the coming week, to keep you updated and ahead of the curve.
Main AI Stock Market Movers
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Ticker: AAPL | Price: $220.82 | Market Cap: $3.36T | Weekly Loss: 3.56% ⬇️
Apple had a tough week of trading with price dropping aggressively to begin the short week of trading, losing 2.55% on Tuesday. Apple released impressive iPhone sales numbers, with 1.4M devices being sold every two days. Despite this impressive sales growth Apple struggled this week in line with the broader market. The tech index (Nasdaq) lost close to 6% this week signalling worrying times ahead of tech stocks in general.
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Ticker: NVDA | Price: $102.83 | Market Cap: $2.52T | Weekly Loss: 13.73% ⬇️
Nvidia continued to drop this week after the Q2 earnings sparked the start of the selloff last week. Price fell 7% on Tuesday and struggled to recover for the rest of the week. This weeks price action could signal the end of the Nvidia bull-run with price failing to break the all time highs in late August and has fallen over 27% to current levels. Due to the impressive gains over the past 2 years investors may be looking elsewhere for growth opportunities in the market.
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Ticker: MSFT | Price: $401.70 | Market Cap: $2.99T | Weekly Loss: 3.62% ⬇️
Microsoft slid lower this week in line with the rest of the tech sector, however, the drop was more controlled than Nvidia which saw massive volatility. Recent SEC filings revealed that the Microsoft CEO, Nadella, sold over $32M worth of company stock. This is a worrying sign for the immediate future of the stock which is close to the $400 psychological price level. If this area does not hold, the lows seen in early August could be traded to quickly, at the $385 area.
What To Watch This Week
Look out for Consumer Price Index (CPI) being released on Wednesday @ 8:30am EST
Look out for Unemployment Claims releasing on Thursday @ 8:30am EST
Watch for how the tech sector reacts this week after losing 6% last week
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