The stock market experienced a significant decline as the Nasdaq Composite and S&P 500 slid amidst concerns over AI trade and economic uncertainty due to disappointing earnings from Alphabet and Tesla. The Dow Jones Industrial Average managed to remain slightly positive.
Tech stocks, including chip stocks, suffered a major sell-off, with Nvidia's stock gaining slightly despite the volatility. Traders are anticipating larger rate cuts from the Federal Reserve and are closely monitoring the upcoming Personal Consumption Expenditure Price Index update.
The US economy grew by 2.8% in Q2, surpassing economist expectations. Meanwhile, Ford's stock slumped after missing Q2 earnings and projecting a significant loss for its EV business.
On the other hand, Tesla, Lucid, and American Airlines saw their stocks rise. The earnings calendar is also in focus, with major tech companies like Apple, Amazon, Microsoft, and Meta set to report soon, as the tech sector grapples with the aftermath of the recent sell-off.
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