Nasdaq, S&P 500 end sharply lower, hit by chips, megacaps; Dow extends rally
By Stephen Culp
Wed July 17, 2024
7:27 PM
The Dow was on a straight shot up with another impressive 3-digit gain sending the index to its third straight record. The Nasdaq and S&P were both on an even more impressive straight shot down with rather big 3-digit losses as blue chips continue to be seen as undervalued and thus has suddenly created this rotation out of tech. Today’s tech problems were triggered by news that Biden will impose trade restrictions on China, and that sent all the chip stocks down, the chip index registering its biggest loss in over 4 years.
But the rather good news was that industrial output rose by double the June forecast and the odds of a September rate cut today stand at 93.5% as the data all reaffirms the resiliency of an economy with inflation on a sustainable downward path, all of which will benefit the economically sensitive stocks. Anyway, the China news sent the whole tech index into freefall with corresponding slightly above average volume of 12.47 billion.
DJ: 40,954.48 +742.76 NAS: 18,509.34 +36.77 S&P: 5,667.20 +35.98 7/16
DJ: 41,198.08 +243.60 NAS: 17,996.93 -512.42 S&P: 5,588.27 -78.93 7/17
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