Investors shun Nvidia, Meta, Apple
Investors now view the recent declines as a sign of an overdue correction in an overbought market
Sellers of some of the best technology stocks for 2024 continued to compound Thursday’s losses on the S&P 500 and Nasdaq Composite. The S&P 500 closed at 5,399.22 index points, down 0.51%, and the Nasdaq slid 0.93% to settle at 17,181.72 index points.
Investors’ persistent shift toward small caps helped to drive the Russell 2000’s 1.26% gain. For a second day, investors shunned technology. Advanced Micro Devices, was down by more than 4%, and Nvidia was down by 1.7%. The Microsoft stock sank 2.5 percent, Meta Platforms dropped 1.7%, and the VanEck Semiconductor ETF declined about 2%. Alphabet
The second quarter GDP report, which revealed 2.8% economic growth—much greater than expected—was also evaluated by investors. Economists surveyed by Dow Jones projected 2.1% growth. Wall Street saw the largest one-day declines following a losing session, in almost a year on the S&P 500 and Nasdaq. Lethargic tech earnings announcements were the driving force behind those losses.
Investors now view the recent declines as a sign of an overdue correction in an overbought market, with small-cap equities and more cyclical sectors replacing mega-cap tech. Ford Motor Company’s stock fell 18.4%, marking the worst day since 2008, as the company’s second-quarter profits were below analyst expectations.
ServiceNow surged 13% with better-than-expected earnings, having its best day since 2019.
The Dow Jones Industrial Average closed at 39,935.07, up 81.20 points, or 0.2%, from the closing value of the major averages. At session highs, the 30-stock index increased by around 585 points or roughly 1.5%.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
- Read our latest reviews on: Avatrade, Exness, HFM and XM
Related Articles
Sidebar rates
Related Posts
SaveAdd 3440
