Market Domination Overtime with Julia Hyman and Jared Blikre looked at the day’s market activity, with the Nasdaq Composite falling by nearly 1.10% while the Dow Jones Industrial Average rose by 260 points. The tech indices took a hit, particularly due to Nvidia’s continued liquidation.
The Dow Jones outperformed today, rising by two-thirds of 1%, while the S and P 500 fell by a third of 1% and the Nasdaq dropped by 1%. Nvidia’s performance had a significant impact on the tech sector, causing a broad market sell-off. The S and P equal weight index also saw significant losses, indicating a potential broadening of the market’s rally.
The Russell 2000 performed well, pointing to potential growth in small-cap stocks due to the current interest rate environment. Despite the mixed performance of the major indices, energy and utilities sectors saw gains, while tech and consumer discretionary sectors struggled. Nvidia’s decline influenced the chip sector’s underperformance, with other semiconductor stocks like Taiwan semi and Qualcomm also experiencing losses.
The day also saw the first rebalancing day for XLK, following the sale of $10 billion in Apple stock and the purchase of Nvidia shares. This led to further losses in the tech sector, particularly among growth tech names like Amazon and Tesla. Sector leaders included cannabis, small oil, and regional banks, while biotechnology and cryptocurrency suffered significant losses.
Overall, the market showed a divergence between the Dow Jones and the Nasdaq, with tech stocks underperforming due to Nvidia’s performance. The broader market saw mixed results, with some sectors performing well while others struggled. Market analysts continue to monitor the impact of key factors like interest rates and individual stock movements on market trends.
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https://finance.yahoo.com/video/dow-leaps-higher-while-nasdaq-201507456.html
