Traders work on the trading floor of the New York Stock Exchange on July 24, 2024.
Spencer Pratt | Getty Images
The S&P 500 and Nasdaq Composite fell on top of the previous session’s losses as investors continued to sell off some of the leading technology stocks in 2024.
this S&P 500 Index fell 0.51% to close at 5,399.22 points, while Nasdaq It fell 0.93% to close at 17,181.72 points. this Russell 2000 The stock rose 1.26% as investors continued to shift toward small-cap stocks.
this Dow Jones Industrial Average outperforms major averages, An increase of 81.20 points, or 0.2%, closing at 39,935.07. The 30-stock index surged nearly 585 points, or about 1.5%, to hit a session high.
Investors abandoned technology stocks for a second day in a row. Nvidia fell 1.7%, while Advanced Micro Devices Shedding exceeds 4%. this VanEck Semiconductor ETF (SMH) Sold nearly 2%, while meta platform down 1.7% Microsoft down 2.5%. letter A drop of more than 3%.
“There’s a changing of the guard on Wall Street. Artificial intelligence stocks that previously led the gains are now leading the losses,” said Adam Sarhan, chief executive of 50 Park Investments, adding that these moves are not uncommon during bull markets. .
“During a bull market, you see an industry lead and then it pauses, corrects and passes the baton,” he said. “Think of it like a relay race to another realm.”
Investors also assessed the second-quarter GDP report, which showed Economic growth 2.8%, far exceeding expectations. Economists surveyed by Dow Jones had expected economic growth of 2.1%.
Wall Street stocks suffered losses, with the S&P 500 and Nasdaq suffering their biggest one-day pullbacks in more than a year. These losses were driven by a disappointing tech earnings report.
Investors are beginning to view the recent declines as a sign of a long-overdue correction in an overbought market that is now turning away from Big Tech stocks Invest in small-cap stocks and more cyclical areas.
Ford Its share price plummeted 18.4% Worst day since 2008 back Second quarter financial report Well below analysts’ expectations. Immediate service It rose 13% on stronger-than-expected profits, its best one-day performance since 2019. Edwards Life Sciences Shares fell 31%, their worst day since 2000, after a sharp cut to forecasts for transcatheter aortic valve replacement.
