The tech group was up as much as 1.5% on Tuesday but started to fade as Alphabet came off its highs and as chipmakers tumbled into negative territory. Alphabet still settled with a solid gain of 3.5%, but the Philadelphia Semiconductor Index lost 1.1% after being up as much as 1.2%.
There wasn't a news-driven catalyst behind Tuesday's tech reversal; rather, it was most likely driven by profit-taking activity amid the technology sector's continued out-performance. The tech space is up 16.6% year-to-date, piling that on top of last year's 36.9% surge.
In cryptocurrencies, Bitcoin has managed to break the $8,000 level for the first time since May and is now trading at $8,300, up over 34% this month. Other cryptocurrencies were lagging the market leader but seem to be catching up right now. The SEC has received several applications for potential Bitcoin ETFs that will make it significantly easier for individual and institutional investors to buy into the cryptocurrency.
About the O&G Research Team
The O&G Research Team holds Series 65 and Series 3 certifications and are experienced traders in international financial markets.
Follow us on WeChat:
Read new articles and updates everyday on your phone!
- We are long some of the companies mentioned on this website;
- We are not responsible for the content on any external links on this website;
- The opinions expressed in this report do not constitute a buy or sell recommendation.