Nasdaq ends down 1% as tech shares fall; Treasury auction weak
Wed August 7, 2024 4:40 PM
Oh brother, this market really doesn’t know how to relax! After yesterday’s rally after a remarkable 3-day rout, said rally continued in earnest this morning with the Dow rising nearly 500 points by 11 a.m. Then all three indexes started a dive that lasted all day reaching red by 2 pm and continuing into another day of 3-digit losses by close. The trigger today was a weak Treasury auction that sparked the continuing panic. The good news, as today’s expert put it, “You don’t just have the fall we had on Monday and it’s done. You typically test the lows again before we can move out of this downtrend.” This would indicate that this correction is not expected to continue, let alone worsen. Volume came in at 12.9 billion, just a tad above the 12.6 average.
DJ: 38,997.66 +294.39 NAS: 16,366.86 +166.77 S&P: 5,240.03 +53.70 8/6
DJ: 38,763.45 -234.21 NAS: 16,195.81 -171.05 S&P: 5,199.50 -40.53 8/7
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