Tech Stocks: Top Gainers on July 10

- Stock market highlights
Tech stocks were among the top gainers in yesterday's session. Specifically, Taiwan Semiconductor shares surged 3.5% after reporting revenues from April to June that exceeded Wall Street's expectations. Qualcomm, another chipmaker, advanced 0.8%, while Broadcom rose by 0.7%. Nvidia, a favorite in artificial intelligence, saw its stock climb by 2.7%.
- OPEC has raised its forecast for global economic growth in 2024 to 2.9%
The July 2024 report from OPEC highlights that the growth momentum in major economies has remained stable in the first half of 2024, with indications that this trend may continue in the coming months. As a result, the oil-producing alliance has revised its global economic growth forecast for 2024 upward to 2.9%, from the previously forecasted 2.8%. OPEC also projects that global oil demand will increase by 2.25 million barrels per day in 2024 and by another 1.85 million barrels per day in 2025, unchanged from the previous month's report. China, the Middle East, India, and Latin America are expected to be the drivers of this increase in global oil demand.
- The number of bankruptcies in the United States has reached a record high
According to estimates from S&P Global Intelligence, the number of bankruptcy filings by U.S. companies in June 2024 reached the highest monthly level since early 2020. As of July 9th, at least 75 companies had filed for bankruptcy protection in June 2024, bringing the total for the year to 346 filings. This figure also surpasses half-year totals recorded over the past 13 years. S&P attributes this wave of company closures to high interest rates, supply chain issues, and slowed consumer spending.
Short sellers still managed to profit $10 billion despite the S&P 500 continuously breaking records
- According to data from S3 Partners LLC, despite the S&P 500 continuously reaching new highs, short sellers have still managed an impressive $10 billion profit in the second quarter of this year. This marks their second consecutive profitable quarter, demonstrating the effectiveness of their contrarian market strategy even amid overall market gains.
- Ihor Dusaniwsky, Director of Predictive Analytics at S3, attributed much of the profits to sectors such as industrials, healthcare, and financials, which offset the $15.7 billion losses in the technology sector.
- The profitability of short sellers in a rising market reflects a reality where capital is concentrated in a few large technology stocks, while many other sectors remain relatively weak.
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