S&P, Nasdaq end lower as Nvidia drags the tech sector for second day

 

S&P, Nasdaq end lower as Nvidia drags the tech sector for second day

By Echo Wang

Fri June 21, 2024 4:36 PM

The Dow started the day up about 120 but then started a decline that ended near break-even. The S&P and Nasdaq stayed pretty close to break-even all blamed on a second day of Nvidia losing ground. But as today’s expert put it, “We’ve had a very strong run, especially in the S&P, so not surprised to see things kind of take a pause and settle down.” Business activity hit a 26-month high while prices continued easing suggesting inflation continues to slow down. It continues to encourage bets for 2 rate cuts this year even if the Fed insists there’ll be only one. PMI came in just slightly higher than expected while home sales fell almost exactly as expected. Volume was a whopping 17.68 billion but that was due to today’s triple-witching so the number can’t be trusted. Better luck Monday.  

DJ: 39,134.76  +299.90      NAS: 17,721.59  -140.64      S&P: 5,473.17  -13.86   6/20

DJ: 39,150.33  +15.57        NAS: 17,689.36  -32.23        S&P: 5,464.62  -8.55     6/21

Fri 6-21-24 4:36 pm S&P, Nasdaq end lower as Nvidia drags the tech sector for second day | Reuters