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  • Kevin Hurley

MarketBites: Chipmakers Send Warning Signs


Portfolio Manager Commentary:

U.S. stocks closed the day mainly unchanged after seeing modest gains early on. This is the second straight trading session with relatively flat finishes for U.S. equities. We could be seeing the end of the recent mid-year market rally that has slightly reversed the bear market that started off 2022.

As investors shift their focus to Wednesday's U.S. inflation data, the U.S. dollar and U.S. Treasury yields saw a decline against a rise in the price of gold. Gold tends to be a safe haven during global economic uncertainties that arise from situations such as those in Ukraine and Taiwan. Still, if the Fed plans to continue hiking interest rates, then look for the price of gold to come back down as the bullion pays no interest.

Nvidia posted weaker-than-expected preliminary revenue for the second quarter, causing shares to tumble down 6.30% Monday. This comes as a warning for all semiconductor stocks. The iShares Semiconductor ETF fell 2.3% on the news.

Chart of the Day:

Investors are selling stakes in private equity and venture capital funds at the fastest pace on record after a downturn in equities spreads to private markets.

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