Wall Street closes down, pressured by tech losses and worries about rates

Wall Street closes down, pressured by tech losses and worries about rates

By Lisa Pauline Mattackal, Purvi Agarwal and Carolina Mandl

Wed October 23, 2024 4:35 PM

It was another straight shot down on all the indexes as, after a long streak of record breaking highs, investors are pulling some profits out of the market leading to another day of substantial 3-digit losses all around. That combined with still rising Treasury yields has left even more doubts about future rate cuts. Yesterday, the sentiment was that the Fed had rushed too quickly into rate cuts; today the same rising yields have left concerns that they may now slow down the cuts too much. There is also the continuing concern about coming volatility from lofty valuations and whether earnings will justify them and, of course, the election. Volume was for a change above the 11.29 billion 4-week average, coming in at 11.83 billion. 

DJ: 42,924.89  -6.71         NAS: 18,573.13  +33.12       S&P: 5,851.20  -2.78          10/22

DJ: 42,514.95  -409.94     NAS: 18,276.65  -296.47      S&P: 5,797.42  -53.78        10/23

Wed 10-23-24 4:35 pm Wall Street closes down, pressured by tech losses and worries about rates | Reuters