Wall St ends volatile session lower in aftermath of global tech outage
By Stephen Culp
Fri July 19, 2024 6:07 PM
Today’s historic enormous Microsoft tech glitch that brought down computers all over the world, including on Wall Street and throughout financial markets preventing buying, brought all the indexes down big time, the second day in a row for a big dive. But, as today’s expert put it, “It won’t have much of an overall impact. Some buying will be delayed. Because of the outage, investors are in wait-and-see mode.” Does this mean we can expect a correcting rally on Monday?
But the outage didn’t do anything but add to all the uncertainty
that’s been plaguing the market, with the VIX hitting its highest level since
late April. The good news includes a good first week of Q2 reporting with 83%
of 70 companies beating estimates and pushing Q2 earnings growth to 11.1% vs
10.6% July 1st. The big boys start reporting next week. Due to the outage, volume came in at 10.54
billion, below the 11.72 average.
DJ: 40,665.02 -533.06 NAS: 17,871.22 -125.70 S&P: 5,544.59 -43.68 7/18
DJ: 40,287.53 -377.49 NAS: 17,726.94 -144.28 S&P: 5,505.00 -39.59 7/19
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