Equities suffered their biggest one day loss since 2022 as tech stocks nosedived following underwhelming second-quarter earnings from heavyweights Alphabet and Tesla.
Stocks ended slightly lower overnight amid cautious trading ahead of quarterly earnings from big tech names Tesla and Google.
Stocks were higher overnight in an Nvidia-led rebound in tech stocks following recent weakness as investors ignored America’s political disarray and looked ahead to megacap tech quarterly earnings this week
Equities slumped to their worst weekly loss since April as the broad rotation out of high-flying tech stocks rattled markets.
Equities ended lower overnight, pressured by wild swings as the early-day rebound in tech faded amid an ongoing rotation out of high-flying megacap tech stocks ahead of earnings from Netflix
Value stocks, led by financial and energy, gained overnight as the rotation away from tech was accelerated following an Nvidia-led retreat in tech on geopolitical jitters.
The Dow had its best day in more than a year Tuesday, closing at fresh record highs, underpinned by better-than-expected retail sales data and a slew of mostly upbeat quarterly earnings from corporates
Stocks surged higher overnight on bank earnings and increased bets for a September rate cut as Fed chief Jerome Powell said recent inflation data had added to confidence.
Over the weekend, an attempt was made on Former President Trumps life at a rally, further reflecting the deep political divide in the county. While equities closed higher on Friday night on bets that the US Federal Reserve will cut interest rates in September, while big banks fell after reporting mixed results.
In a surprising turn of sentiment, the Magnificent 7 had their worst day in months, while the broader market was firmer, despite cooling inflation data. The sentiment of rejoicing falling inflation became the reality check investors have been blind to, as it points to a slowing in the U.S. economy even if Federal Reserve interest rate cuts become a possibility later this year.
Stocks hit fresh records as the S&P 500 closed above 5,600 for the first time Wednesday, led by tech and ongoing hopes for sooner rate as Fed Chair Jerome Powell delivered his second-day of testimony before Congress, a day ahead of fresh inflation data.
Stocks eked out another tiny gain to secure another record close for the fifth-straight session as testimony from Federal Reserve Chair Jerome Powell didn’t sway investors from bets on a first rate cut in September.
