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Trending News:CrowdStrike blames testing bugs for security update that took down 8.5M Windows PCsTrump rally gunman searched online for JFK assassination detailsTakeaways from FBI testimony: Trump shooter searched details of JFK assassination and flew drone near rally site – CNNDaley and Glover named Team GB flagbearersTop 10 best small company carsElon Musk sets new date for Tesla robotaxi reveal, calls everything but autonomy ‘noise’Woman who went on the lam with untreated TB is now curedWatch a New Jersey couple’s Tesla get damaged by a fish falling from the skyAustralian surfer Kai McKenzie’s leg washes up after shark attackIsrael carries out new raids in Gaza as Netanyahu visits US – ReutersArsenal agree deal with Bologna for CalafioriNew Renault Twingo to be built in SloveniaTop 10 best electric sports cars 2024Elon Musk claims he is training “the world’s most powerful AI by every metric”15 migrants killed in Mauritania shipwreckFBI Director Christopher Wray reveals new details on how Trump shooter carried out his attack – NBC NewsVerstappen set for grid penalty at Belgian Grand PrixMost popular states for new RV buyersSafest cars of 2024: SUVs, minivans, electric cars and pickup trucksSkye fossils reveal secrets of first mammals to walk the EarthHonda E-Clutch motorcycle technology makes its way to the U.S.New footage shows US officer standing over Trump gunman’s bodyNasdaq drops 2% as disappointing Tesla and Alphabet earnings send tech lower: Live updates – CNBCExplained: The Dujardin video, the reaction and what happens nowAlpine F1 team reveals Deadpool & Wolverine livery for Belgian GP weekend2024 Kia EV9 now earns IIHS Top Safety Pick awardWilliam Ruto gives key portfolios to Raila Odinga’s alliesTesla stock slides 10% after company reports mixed Q2 results, says ‘affordable’ EVs on track for 2025 debutThe Celtics are barreling toward the NBA’s first $500M rosterBMW recalling 290,000 X3s to address cargo rail safety concern2025 Buick Envista Review: Looks expensive, isn’t. A hidden gemHow Russia-linked malware cut heat to 600 Ukrainian buildings in deep winterTesla case against Rivian over trade secret accusations will go to trialDesperate search for survivors in Gofa2024 fantasy football draft kit: Rankings, cheat sheet, player projections, sleepers and moreParis 2024: Hayes bemoans ‘disrespectful’ USA expectations2024 Hyundai Ioniq 5 Review: Still at the top of its gameMazda trademarks new logo – AutoblogNetanyahu seeks to bolster US support with Congress speechSharks test positive for cocaine in Brazil’s drug-polluted waters – The Washington PostTop 10 women’s MMA fighters of the 21st centuryWatch: Emergency workers pick through wreckage of Nepal plane crashKamala Harris slams Trump over 'fear and hate' at first rally – BBC.comRecord level of abuse for professional players in Kick It Out reportDrenched in blood – how Bangladesh protests turned deadlyJames Cleverly urges Tory ‘discipline’ in leadership bidMaresca: No problem with Fernandez's return after racism allegationsTaiwan grounds flights as it braces for stormPlane crashes during take off in Nepal, 18 killed, pilot survivesCourt opens case into LaLiga boss over Real Madrid complaintNew Zealand landmark report finds 200,000 suffered abuse in careNew Zealand enquiry finds 200,000 children and vulnerable adults abused in care, leader says ‘we should have done better’Ederson future dominates City tour – and Phillips in spotlight14 dead in Nepal after plane crashes during takeoffReligious, state intitutes abused people in New Zealand, PM apologizesOlympics: New Zealand report Canada for flying drone to record trainingFlights diverted as climate protesters block German runwayDrenched in blood – how Bangladesh protests turned deadlyDiego Luna open to Mexico switch after USA Olympic snubAutocar magazine 24 July: on sale nowWant to cook like a Neanderthal? Archaeologists are learning the secretsN Korea’s trash balloons land on S Korea presidential compoundElon Musk denies reports he’s funneling $45M to super PAC backing TrumpAfter Chelsea move, USA’s Caleb Wiley eyes Olympic medalMy Week In Cars: New Steve Cropley/Matt Prior podcast (ep. 98)Mercedes-AMG hints at longer life for flagship V8Gaga’s Harley Quinn joins the Clown Prince of Crime in Joker: Folie à Deux trailerThe tiny Indian village claiming her as its ownBreaching whale capsizes boat and sends two people overboard – BBC.com30 U.S. Olympians to watch in Paris: Simone Biles and moreCUPRA Born: why it’s a 5-star What Car? electric carWill electric cars ever be able to go truly off grid?Google halts its 4-plus-year plan to turn off tracking cookies by default in ChromeMacron says he won’t name government until after OlympicsAbout 200 arrested in Cannon Rotunda for protesting Gaza warGirona’s Dovbyk agrees terms with Atlético Madrid – sourcesNew hybrid era at Audi as EV switch takes “longer than we thought”Audi SQ8 E-tron 2024 long-term testTop 10 best sports SUVs 2024Intel has finally tracked down the problem making 13th- and 14th-gen CPUs crashBreaching whale capsizes boat and sends two people overboardScientists find ‘dark oxygen’ produced without light in deep ocean2024 MLB trade deadline tracker: Rumors, news, analysisFirst pictures: Aston Martin tests Le Mans ValkyrieZEV mandate targets slip out of reach for major brandsWaymo is suing people who allegedly smashed and slashed its robotaxisThe leader promising to win ‘by hook or by crook’Live updates: Kamala Harris seeks to rally Democrats after Biden drops out of raceMets place rookie RHP Christian Scott on IL with UCL sprainCadillac Sollei concept previews drop-top Rolls-Royce Spectre rivalIntroducing Low Octane – the Autocar VodcastFerrari CEO: E-fuels are “way forward” for ICE supercarsAT&T failed to test disastrous update that kicked all devices off networkGaza release deal has to happen now, hostage’s mother saysHydrothermal explosion at Yellowstone sends up geyser of rock and steam2024 NFL training camp previews, projections for all 32 teamsAA calls for VAT cut for public charging as kerbside cost falls 12%Isuzu D-Max Review 2024, Price & SpecsAlexa had “no profit timeline,” cost Amazon $25 billion in 4 yearsKamala Harris slams Trump at first rally as he hits back
Tech stocks failed to make a comeback on Thursday following the Nasdaq’s worst day since 2022, even as chip manufacturer TSMC (TSM) posted better-than-expected results.
The tech-heavy Nasdaq Composite (^IXIC) erased earlier gains to fall over 1%, while the S&P 500 (^GSPC) also fell 0.7%. The Dow Jones Industrial Average (^DJI) slipped 0.4% following an all-time closing record for the blue-chip index in the prior session.
The rally on Wall Street has hit increasing turbulence this week as political, geopolitical, and trade risks unsettle a market finally confident that the Fed will cut interest rates this year.
A sign the labor market is cooling further bolstered those rate-cut hopes on Thursday. The number of continuing applications for unemployment benefits once again hit its highest level since November 2021.
Thursday’s losses on the Nasdaq follow a 2.7% decline in the prior session, partly due to a potential escalation in US curbs on exports to China. Chip stocks Nvidia (NVDA), TSMC, and ASML (ASML) all got hammered amid a rotation from tech leaders into less prominent parts of the market. All three were down further on Thursday.
TSMC’s strong quarterly earnings temporarily helped lift the mood during the session. The Taiwanese chip giant beat on profit with a 36% jump, and it raised its 2024 sales outlook to signal confidence in the AI boom.
Netflix (NFLX) is the highlight on Thursday’s earnings docket, due after the market close. Expectations are high for the streamer, though some on Wall Street note the stock is already flirting with record levels.
Elsewhere, investors are keeping a watchful eye on the US presidential race, given Republican nominee Donald Trump’s potential to move markets. President Joe Biden has come down with COVID-19 at a key point in his campaign, and key Democratic leaders have revived talk of an exit.
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Healthcare stocks lead major averages lower as investors take profits
Healthcare and Technology related stocks led the three major averages lower on Thursday.
The S&P 500 (^GSPC) fell 0.7% while the tech-heavy Nasdaq Composite (^IXIC) slid another 1%, adding to steep losses during the prior session.
Investors took profits as the S&P 500 Healthcare Sector ETF (XLV) hit all-time highs earlier this week. On Thursday the sector slid 1.4%.
Investors also continued their rotation out of tech stocks, with the S&P 500 Technology Sector ETF (XLK) down almost 1%.
S&P 500, Nasdaq near session lows as tech rout continues
The tech-heavy Nasdaq Composite (^IXIC) and the S&P 500 (^GSPC) sold-off on Thursday as investors continued to rotate out of tech stocks.
The Nasdaq touched session lows, dow nearly 1%, while the S&P 500 also fell 0.6%.
The Dow Jones Industrial Average (^DJI) rose to touch intraday highs before giving up those gains to fall 0.3%.
Healthcare and Technology stocks led to the downside.
Nasdaq, S&P 500 slips into red
Tech stocks flipped into red territory on Thursday after attempting a comeback from heavy losses in the prior session.
The tech-heavy Nasdaq Composite (^IXIC) erased earlier gains to fall 0.5% while the S&P 500 (^GSPC) also fell below the flatline. The Dow Jones Industrial Average (^DJI) rose to touch new highs, after closing at a new record in the prior session.
Tech tried to rebound after chip manufacturer TSMC (TSM) posted better-than-expected quarterly results. Shares of the Taiwanese-based company rose as much as 3% before falling into negative territory.
Dow flips into green territory
The Dow Jones Industrial Average (^DJI) flipped into green territory shortly after the market open on Thursday to rise 0.3%, touching another all-time intraday high.
The blue-chip index closed above the 41,000 level for the first time ever in the prior session.
The markets have broadened out recently as investors have rotated out of Big Tech names into small caps and sectors like Industrials, Financials, and Energy.
Nasdaq, S&P 500 rebound as TSMC calms chip turbulence fears
Tech took back the lead on Thursday following heavy losses in the prior session as chip manufacturer TSMC (TSM) posted better-than-expected quarterly results.
The tech-heavy Nasdaq Composite (^IXIC) rose 0.8%, while the S&P 500 (^GSPC) edged up 0.3%. The Dow Jones Industrial Average (^DJI) slid slightly, coming off an all-time closing high for the blue-chip index.
TSMC stock rose 3% after falling more than 7% in the prior session amid the emergence of geopolitical headwinds. Chip stocks Nvidia (NVDA) and ASML (ASML) also rebounded slightly on Thursday after getting hammered on Wednesday.
The number of continuing applications for unemployment benefits once again hit its highest level since November 2021, furthering signs the labor market is cooling as unemployed workers struggle to find new jobs.
New data from the Department of Labor showed nearly 1.87 million claims were filed in the week ending July 6, up from 1.85 million the week prior. Meanwhile, 243,000 initial jobless claims were filed in the week ending July 13, up from 222,000 the week prior and above the 229,000 economists had expected.
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