Traders who bet against the "Magnificent 7" group of big U.S. tech stocks booked their biggest-ever weekly profit of more than $10 billion last week, with the biggest gains coming from their short position in shares of Nvidia and Tesla, Ortex data showed.
FILE PHOTO: FILE PHOTO: A trader works on the floor at the New York Stock Exchange in New York City, U.S., March 7, 2024. REUTERS/Brendan McDermid/File PhotoTraders who bet against the"Magnificent 7" group of big U.S. tech stocks booked their biggest-ever weekly profit of more than $10 billion last week, with the biggest gains coming from their short position in shares of Nvidia and Tesla, Ortex data showed.
Tesla, whose shares have lagged peers in the coveted group this year, also tumbled by an equal margin, leading to $3 billion in profits for short sellers.The tech-heavy Nasdaq and the benchmark S&P 500 suffered six straight sessions of declines last week, their longest losing streak since October 2022, as the evidence of U.S. economic resilience and still-high inflation diminished hopes of an interest rate cut anytime soon.
Tesla, Meta Platforms, Alphabet and Microsoft will be in focus this week as the companies gear up to deliver their quarterly numbers.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Big Read in short: Why youths prefer texting to phone callsSINGAPORE — Before making a phone call, 26-year-old Nivani Elangovan would prepare herself by mentally mapping out what could happen during the tele-conversation and jotting down pointers on post-it notes for reference.
Read more »
The Big Read in short: SOS for foreign domestic helpers mired in debtSINGAPORE — Two freak accidents involving her brother and nephew on an island north of Manila late last year turned a Filipino domestic helper’s life upside down.
Read more »
Explainer-Why is the EU probing Big Tech under the Digital Markets Act?LONDON : The European Union on Monday launched investigations into Alphabet, Apple and Meta for potentially breaching a landmark new law designed to prevent Big Tech having an unfair advantage over competitors.
Read more »
Europe’s Granolas stocks may offer a healthy alternative to US Big Tech11 Europe stocks in various sectors including pharma and tech offer a diversfication option.
Read more »
The Big Read in short: S$30,000 for a bicycle? Why some cyclists pay big bucks for their two-wheelersSINGAPORE — Although he began cycling using BMX bicycles in his teenage years, Mr Muzzamel Mazidee felt the urge to upgrade to a more expensive model only when he was in his mid-20s.
Read more »
US Fed signals rate-cut delay after run of inflation surprisesHot March consumer inflation data caused many traders to push back interest rate cut expectations.
Read more »