Weekly Newsletter – 19th July , 2024

Both the S&P 500 and Nasdaq experienced their worst week since April, with the Nasdaq falling 3.6% amid concerns over potential tighter U.S. semiconductor export restrictions to China and comments from Donald Trump regarding Taiwan. The “Magnificent Seven” tech stocks saw a collective 5% decline, with semiconductor companies like Nvidia and Intel dropping nearly 9%. Additionally, CrowdStrike’s stock plummeted 20% due to a global technology outage attributed to a faulty software update, while electric vehicle stocks faced pressure from Trump’s criticism of clean energy initiatives.