S&P, Nasdaq end lower in fickle trading, megacap trend uncertain
By David French
Thu July 25, 2024 4:54 PM
The day got started with a bang with all the indexes on a
constant incline until about 1 pm, possibly triggered by a very good GDP report
showing a 2.8% growth in the economy vs a forecast of 2%, or nearly a whopping
30% above expectations. This was further bolstered by data showing inflation subsiding
and sending the Dow up nearly 800 points. But then continuing concerns and anxiety
over the stability of the megacaps triggered more allocations away from tech
and into small cap industrials, and everything went crashing down all afternoon
to erase most gains and put the tech indexes in the red. Friday’s PCE will cement
further bets. There was a whole lot of
action today reflected in the considerably above average volume of 13.2 billion.
DJ: 39,853.87 -504.22 NAS: 17,342.41 -654.94 S&P: 5,427.13 -128.61 7/24
DJ: 39,935.07 +81.20 NAS: 17,181.72 -160.69 S&P: 5,399.22 -27.91 7/25
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