CrowdStrike (NASDAQ: CRWD) and AMD (NASDAQ: AMD) Shine as Rare S&P 500 Gainers Amid Widespread Declines

August 05, 2024 06:29 PM PDT | By Team Kalkine Media

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CrowdStrike (NASDAQ: CRWD) and AMD (NASDAQ: AMD) Shine as Rare S&P 500 Gainers Amid Widespread Declines — Image source: shutterstock

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Headlines

S&P 500 Decline: The S&P 500 Index dropped 3% on Monday, its largest decline since August 2022, amid widespread losses across major indices and sectors.

Sector Performance: All sector ETFs declined, with the Technology Select Sector SPDR ETF (NYSE:XLK) performing poorly despite hosting some of the S&P 500's few gainers.

Stock Outliers: CrowdStrike Holdings Inc. (NASDAQ:CRWD) and Advanced Micro Devices Inc. (NASDAQ:AMD) were notable gainers, with CRWD up 1.9% and AMD rising 1.8%, as they managed to buck the broader market trend.

Market Overview: S&P 500's Worst Day in a Year; Few Stocks, Including CrowdStrike (NASDAQ:CRWD) and AMD (NASDAQ:AMD), Buck the Trend

The stock market faced a significant downturn on Monday, with the S&P 500 Index (INDEX: SPX) plummeting 3%, marking its most substantial drop since August 2022. The broad market decline was mirrored across the major indices, with 91.8% of stocks on the NYSE and 83.7% of Nasdaq stocks closing lower.

All 11 sector ETFs tracking the S&P 500's components fell, highlighting concerns over an economic slowdown and a global market sell-off. The Technology Select Sector SPDR ETF (NYSE:XLK) was among the worst performers, despite being home to several of the S&P 500's few gainers.

Among the rare bright spots, CrowdStrike Holdings Inc. (NASDAQ:CRWD) and Advanced Micro Devices Inc. (NASDAQ:AMD) stood out. CrowdStrike's stock rose 1.9% after a turbulent period and news that potential liabilities from a recent software bug may be limited. AMD also gained 1.8%, benefiting from delays in Nvidia Corp.'s (NASDAQ:NVDA) new chip release, which provided some support for AMD amidst the tech sector's selloff.

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