Nasdaq ends sharply lower as investors rotate out of Big Tech
By Noel
Randewich and Lisa Pauline Mattackal
Thu July 11, 2024 4:26 PM
The CPI came in quite well today, showing an unexpected drop in
prices and the smallest annual increase in a year, strongly bolstering the case
for a September rate cut which is now considered a virtual certainty at 90%
odds vs 74% yesterday. That should have very much excited the markets but
instead resulted in a consensus that tech had gone as high as it’s going to and
it was time to sell off and rotate back into industrials, with the Dow up over
150 in the morning before declining and settling for a more modest 32 point
gain at close. Thus it was a straight path down for both the S&P and
Nasdaq, which took a heavy 3-digit loss and broke the long 7 day and 6 day
record breaking winning streaks for both the Nasdaq and S&P respectively. Trading
was heavy and for a change above the 4-week average at 12.6 billion.
DJ: 39,721.36 +429.39 NAS: 18,647.45 +218.16 S&P: 5,633.91 +56.93 7/10
DJ: 39,753.75 +32.39 NAS: 18,283.41
-364.04 S&P: 5,584.54
-49.37 7/11
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