11 Mins Ago
Equal-weighted S&P 500 ETF on track for worst day in nearly a month
In another sign that the broader market was struggling Thursday, the Invesco S&P 500 Equal Weight ETF (RSP) dropped more than 1%, putting it on track for its worst day since April 30 — when it slid 1.4%.
The fund tracks an equal weighted version of the regular, market cap-weighted S&P 500. In other words, the stock with the lowest market cap — Norwegian Cruise Line at more than $6 billion — has the same impact on the fund as Microsoft, which is valued at $3.2 trillion.
16 Mins Ago
Geopolitical concerns will weigh more on markets
As the first-quarter earnings season winds down, investors will shift more of their attention to geopolitical concerns in the next few months before the next round of earnings, according to SimCorp.
“The Fed has been pretty clear that they’re not going to cut rates, so you don’t have this, ‘Will they or won’t they’ [scenario] keeping everybody on edge. We are going to start to see a turn to some of this geopolitical stuff, whether it’s its elections or the two ongoing wars,” said Melissa Brown, managing director of applied research.
While events such as the U.S. and UK elections don’t necessarily result in economic impacts, they do increase uncertainty, Brown noted.
“People may go from saying ‘I’m just going to buy now,’ to, ‘Look, I’m gonna wait and see the outcome of this before I decide to commit more money to market,'” Brown said.
— Hakyung Kim
An Hour Ago
Stocks making the biggest moves midday
Check out the companies making headlines in midday trading.
Nvidia — The chipmaker and artificial intelligence beneficiary spiked 11% after Nvidia posted strong fiscal first-quarter results, issued better-than-expected guidance and announced a 10-for-1 stock split. Other AI and related semiconductor names rallied on the results. Super Micro Computer shares rose by 1.2%.
Boeing — Shares dropped roughly 6% after CFO Brian West said he expects negative free cash flow and that the company’s aircraft deliveries won’t recover in the second quarter from the…
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