The No. 1 Sector Set to Weaken as Earnings Season Continues

by | Aug 9, 2022 | Market Updates

The S&P 500 and Nasdaq slipped Tuesday morning as chip manufacturers lower future guidance — and more in Tuesday’s stock market recap.

NVIDIA Corp. (Nasdaq: NVDA) kicked off the week by releasing preliminary earnings that revealed second-quarter revenue of $6.7 billion versus its initial outlook of $8.1 billion, citing weaker-than-expected gaming revenue.

The news was followed by an announcement from Micron Technology Inc. (Nasdaq: MU) on Tuesday warning that revenue for the current quarter may fall near the low end of its forecast, or even lower.

The S&P 500 and Nasdaq slid 0.3% and 0.7%, respectively, while the iShares Semiconductor ETF (Nasdaq: SOXX) fell 1.5% in premarket trading Tuesday, following its 1.5% fall on Monday.

I’m traveling this morning, so instead of your usual stock market recap, I’m bringing you an update on how earnings season is affecting the 11 major sectors, plus my top sector and top stock as usual.

In this morning’s stock market recap video, I’ll reveal whether bonds will fall or rise… which sectors are most vulnerable… why I believe the Tech sector will weaken… plus which stocks to stay away from right now.

Don’t forget to like and subscribe to our YouTube channel if you haven’t already so you can be notified as soon as we post our next video and see what other trade opportunities we’re paying close attention to!

P.S. How to Build Your Own Frontrunner Portfolio 

At 1 p.m. EDT on Wednesday, Aug. 10, I’m going live to reveal my No. 1 Frontrunner Stock for the rest of 2022…

Not only that, but I’ll also discuss the core factors behind what I call “Frontrunner Stocks,” how to build your own custom ETF, portfolio management and more.

I’ll even go into great detail on the formula used to backtest the Frontrunner Portfolio, and share the results!

Mark Your Calendar 

P.P.S. When it comes to trading, every second counts. And in choppy markets like these, often driven by headlines, stocks can make big moves in a flash.

That’s why I want you to get my latest trading ideas and market updates as fast as possible. So I’m rolling out an all-new option for my students to receive trade alerts with Telegram!

Telegram allows me to get trade ideas, videos and watchlists to you in a matter of seconds.

Check out this short article we put together with instructions on how to download telegram and access my private channel. Go here to get the details. 

Stock Market Recap: By the Numbers

This morning’s stock market futures recap:

DOW (mini)

  • Close: 32,832.54.
  • Futures: 32,796.
  • Change: +5.

S&P 500 (mini)

  • Close: 4,140.06.
  • Futures: 4,133.
  • Change: -8.75.

NASDAQ (mini)

  • Close: 13,159.16.
  • Futures: 13,104.25.
  • Change: -79.

RUSSELL (mini)

  • Close: 1,941.21.
  • Futures: 1,936.5.
  • Change: -4.6.

Note: Updated as of 9:22 a.m. EDT

On Tuesdays, I’ll detail the strongest and weakest sectors in the entire market. I’ll tell you exactly where I’d put my money and go long, and which ones I’d avoid or even short. Using my proprietary momentum indicator, you’ll get actionable ideas on every market sector, every single Tuesday.

Need help understanding some basics that we discuss frequently? Check out some of our educational pieces to help get yourself up to speed! Have a question or a topic you’d like us to explain in a future article? Send your thoughts to support@marketgeeks.com!

Check back each morning for the Roger Scott newsletter and the most important news and numbers in the WealthPress stock market recap.

WRITTEN BY<br>Roger Scott

WRITTEN BY
Roger Scott

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