Tech ETFs That Won Amid NVIDIA-Led Tech Rout
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 30 2024
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Source: NASDAQ.COM
Market Performance Overview: On August 29, 2024, the Technology Select Sector SPDR Fund (XLK) fell by 0.9% despite the Dow Jones Industrial Average reaching a new all-time high, while both the Nasdaq Composite and S&P 500 also closed lower, largely influenced by disappointing earnings from NVIDIA.
NVIDIA's Earnings Impact: NVIDIA's earnings report showed growth but did not meet high investor expectations, leading to a 6.4% drop in its shares; delays in the production of its next-generation Blackwell chip further contributed to investor caution in the tech sector.
Analyst Views on XLK
Wall Street analysts forecast XLK stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for XLK is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 144.880
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Current: 144.880
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
