Stocks slumped at the start of a new month for the third consecutive time as market participants assessed the escalation of conflict in the Middle East and the possible fallout of a massive U.S.
That disparity was costly for shareholders of the $70 billion State Street fund because Apple stock has outperformed Nvidia by 10 percentage points in the third quarter. And, it forced S&P Dow Jones ...
Tech stocks such as Nvidia and Google have dominated global equity markets so much that this has "skewed" fund manager behaviour and led to high levels of correlation between DFMs, Orbis has warned.
Nvidia stock has jumped 145% so far in 2024, powered higher by the expectation that AI will boost sales of its GPUs. The fourth quarter will be key for AMD, Broadcom, and Qualcomm stocks, too.