Economy

Tansy_Gold

(18,023 posts) Wed Jul 24, 2024, 04:50 PM Jul 24

STOCK MARKET WATCH: Thursday, 25 July 2024

STOCK MARKET WATCH: Thursday, 25 July 2024

Previous SMW:
SMW for 24 July 2024

AT THE CLOSING BELL ON 24 July 2024

Dow Jones 39,853.87 -504.22 (1.25%)
S&P 500 5,427.13 -128.61 (2.31%)
Nasdaq 17,342.41 -654.94 (3.64%)

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Market Conditions During Trading Hours:

Google Finance
MarketWatch
Bloomberg
Stocktwits

(click on links for latest updates)

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Currencies:

(Awaiting new links)

Gold & Silver:

(Awaiting new links)

Petroleum:

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DU Economics Group Contributor Megathreads:

Progree's Economic Statistics (with links!)
mahatmakanejeeves' Rail Safety Megathread
mahatmakanejeeves' Oil Train Safety Megathread

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Quote for the Day:

As I looked around to see to whom I could be of the greatest help it seemed to me that about everyone who passed me wearing a life belt had it on incorrectly. In their hurry they put them on every way except the right way: one man had his arm through one armhole and his head through the other; others had them on around the waist and upside down; but very few had them on correctly. I stopped these people and spoke to them in a calm voice and persuaded them to let me help them on with the belts, for they certainly stood no show in the water rigged as they were. At first they thought I was trying to take their jackets from them, but on reassuring them they let me straighten them out.

Charles E. Lauriat. The Lusitania's Last Voyage: Being a Narrative of the Torpedoing and Sinking of the RMS Lusitania by a German Submarine off the Irish Coast May 7, 1915. Houghton Mifflin Company / Skyhorse. © 1915, 2016.

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STOCK MARKET WATCH: Thursday, 25 July 2024 (Original Post) Tansy_Gold Jul 24 OP

Alphabet and Tesla earnings disappoint. S&P 500 down 2.3%, NASDAQ down 3.5% - these are big numbers progree Jul 24 #1

Ugly day, VIX up over 22%. nt cliffside Jul 24 #2

Yup /nt progree Jul 24 #3

progree

(11,389 posts)

1. Alphabet and Tesla earnings disappoint. S&P 500 down 2.3%, NASDAQ down 3.5% - these are big numbers

Reply to Tansy_Gold (Original post)

Wed Jul 24, 2024, 05:28 PM

Jul 24

https://finance.yahoo.com/news/stock-market-news-today-stocks-smoked-nasdaq-falls-over-35-in-worst-day-since-2022-after-tesla-alphabet-trigger-big-tech-sell-off-170849829.html

Stock market news today: Stocks smoked, Nasdaq falls over 3.5% in worst day since 2022 after Tesla, Alphabet trigger Big Tech sell-off, Yahoo Finance, 322 PM CDT, 7/24/24

Tech stocks took a drubbing on Wednesday after lackluster Alphabet and Tesla earnings stirred up worries that Big Tech's power to fuel gains is fading.

The benchmark S&P 500 (^GSPC) tumbled more than 2% for the first time in more than a year, while the Dow Jones Industrial Average (^DJI) dropped about 1.2%. The tech-heavy Nasdaq Composite (^IXIC) led the losses, falling about 3.6%, for its worst day since October 2022.

Stocks sunk as investors digest mixed quarterly earnings from Google parent Alphabet (GOOGL, GOOG) and Tesla (TSLA), the first of the "Magnificent 7" megacaps to report. EV maker Tesla's stock price slid more than 12%, while Alphabet shares dropped more than 5%.

In aggregate, the Magnificent 7 tech stocks lost more than $750 billion in market cap on Wednesday, the most on record for the group.

Chip stocks also tumbled on Wednesday as Nvidia (NVDA) fell almost 7% while Broadcom (AVGO) and Arm (ARM) each dropped about 8%.

In economic news, on Wednesday fresh data from S&P Global showed the business activity in the US grew at its fastest pace in more than two years. Next up are Thursday's second-quarter GDP print and Friday's key release on June PCE inflation, the report favored by the Federal Reserve.

Edited to add: The S&P 500 Equal Weight declined 1.17%
https://finance.yahoo.com/quote/RSP/

This is where every S&P 500 company is counted equally, rather than weighted by market cap. So this in effect greatly reduces the impact of the Magnificent Seven's impact on the S&P 500 from an approximately 30% weighting of the S&P 500 to 7/500 = 1.4%. So it's a rough gauge to judge how the rest of the S&P 500 did.

cliffside

(321 posts)

2. Ugly day, VIX up over 22%. nt

Reply to progree (Reply #1)

Wed Jul 24, 2024, 10:51 PM

Jul 24

progree

(11,389 posts)

3. Yup /nt

Reply to cliffside (Reply #2)

Wed Jul 24, 2024, 11:33 PM

Jul 24

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