S&P and Nasdaq close at multi-week lows as Tesla, Alphabet weigh heavily
By David French
Wed July 24, 2024 5:01 PM
It was a day of panic selling and a shot straight down right out the gate on disappointing Q2 reports from Tesla and Alphabet, something that should have been expected after Tesla reported such a huge drop in earnings yesterday. As the Magnificent Seven stocks have been keeping the rally going great guns based on their earnings matching the optimism, the first sign of earnings slippage was bound to cause a rather severe reaction and that’s what happened. The Nasdaq and S&P each had their worst days in 2 and 1-1/2 years respectively while the VIX came in at 18.04, its lowest in 3 months. Neither was the Dow spared, falling below that coveted 40,000 mark for the first time in two weeks. So let’s see how the other 5 Mag 7 do and whether they support the case for a growing market or increase the uncertainty. Volume was above average at 12.94 billion.
DJ: 40,358.09 -57.35 NAS: 17,997.35 -10.22 S&P: 5,555.74 -8.67 7/23
DJ: 39,853.87 -504.22 NAS: 17,342.41 -654.94 S&P: 5,427.13 -128.61 7/24
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