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Stock Market Today: Stocks end mixed as tech bounce falls short
2024-07-28 14:59:08
Markets
Stocks
Technology

Stock Market Today: Stocks end mixed as tech bounce falls short

Image courtesy of : AFP (SPENCER PLATT)

Stocks ended mixed Thursday, with the Dow Jones Industrial Average finishing up 0.20%, while the S&P 500 and Nasdaq slipped. The sell-off in megacap tech stocks continued, dragging down the broader market.

The Commerce Department reported a 2.8% increase in GDP last quarter, but expectations for Fed rate cuts remain. Bristol Myers Squibb and Colgate-Palmolive are expected to release quarterly updates.

Nvidia shares extended their slump, and American Airlines slashed its profit forecast. Global stocks and oil prices slumped.

The yen rose against the dollar. Futures contracts suggest a decline in the S&P 500 and Nasdaq.

The VIX index, a measure of market volatility, rose significantly. Ford, IBM, and Southwest Airlines were among the stocks on the move.

Overseas markets, including Europe's Stoxx 600 and Japan's Nikkei 225, also experienced declines. Earnings reports from tech giants and key economic data will be watched closely.

Related news on that topic:

Stock Market Today: Dow rises 700 points after key Fed-watched ... inflation data

US stocks rose on Friday, with the Dow up over 700 points, as investors welcomed new inflation data showing a slower pace of rise and solidifying expectations for interest rate cuts. Recent volatility and losses driven by Big Tech earnings have led to an exodus from megacap stocks and a shift towards small cap stocks. The surprisingly hot GDP print has eased concerns about softness in the US economy. Bristol Myers Squibb, Colgate-Palmolive, and 3M are expected to report their second quarter updates. Nvidia shares extended their two-day slump amidst the ongoing selloff in tech stocks. American Airlines shares tumbled after the carrier slashed its 2024 profit forecast. The market is preparing for the Commerce Department's first estimate of second quarter GDP growth and weekly jobless claims data. Overall, experts warn of a potential stock market crash, but history shows a positive track record for recovery.

Tech Sell-Off Sends Nasdaq Sinking Amid Earnings Disappointments

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.

Read 7 more recent news on this topic

The press radar on this topic:

The Street
27. Juli 2024 um 13:45

Stock Market Today: Stocks end mixed as tech bounce falls short TheStreet Daily Newsletter

Finance
Technology
Economy
Updated at 4:35 PM EDT by Rob Lenihan Stocks end mixed Thursday, following from the worst day for the S&P 500 and the Nasdaq in nearly two years, as investors continued to dump megacap tech stocks and pare risky bets in markets all over the world. The Dow Jones Industrial Average finished up 81.20 points, or 0.20%, to finish the session at 39,935.07, the S&P 500 lost 0.51% to 5,399.22, while the tech-heavy Nasdaq slipped 0.93% to end the day at 17,181.72. Adam Turnquist, chief technical strate..
The Street
28. Juli 2024 um 12:45

Midday stock movers: Ford slumps, Tesla, Lucid, and American Airlines up today TheStreet Daily Newsletter

Finance
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Economy
Ford slumps 17% after missing Q2 earnings, anticipates $5-$5.5B loss for EV business Model e; Tesla, Lucid, and American Airlines rise; ServiceNow posts strong Q2, raises forecast; Molina Healthcare, CBRE Group, Tyler Technologies, Pool Corp also up; Edwards Lifesciences, LKQ Corp, West Pharmaceutical, Teradyne down; S&P 500, Nasdaq Composite, Dow Jones Industrial Average, Russell 2000 all up; GDP growth, Unemployment Claims better than expected.
Yahoo Finance
28. Juli 2024 um 14:00

Why the tech stock selloff isn't over yet: Wall Street strategists

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Tech rout continues as small caps outperform; Nasdaq 100 down, Russell 2000 gains for 3 weeks; Valuations too high, earnings growth concerns; AI spending by tech giants raises questions about returns; Slower profit growth and overinvestment in AI threaten tech stocks; Gap between AI spending and sales forecasts widens; S&P 500 correction expected in second half, stocks drop in second year of bull market; Earnings from Meta, Amazon, Apple, Microsoft crucial for tech.
The Street
29. Juli 2024 um 22:46

Big movers: Meta, Microsoft up, diabetes stock slumps TheStreet Daily Newsletter

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Tech giants Meta, Microsoft, Pfizer up. Diabetes firm Dexcom tumbles on weak Q2, outlook. 3M, Mohawk, Charter gain big. Deckers Outdoor, Hoka and Uggs parent, beats earnings, raises guidance. Transport Norfolk Southern, healthcare Centene also advance. Key economic data shows improving inflation, with PCE and core PCE price indexes rising, and consumer spending climbing.
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