Thursday, July 11, 2024

Nasdaq ends sharply lower as investors rotate out of Big Tech

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

Thu 7-11-24 4:26 pm Nasdaq ends sharply lower as investors rotate out of Big Tech | Reuters  


No comments:

Post a Comment