Stock market sees mixed results with Dow hitting all-time high, Nasdaq falling; semiconductor industry hit negatively

From Nasdaq: 2024-07-17 18:15:00

The Dow saw a 0.59% increase, hitting another all-time high. In contrast, the Nasdaq fell by 2.77%, dragging the S&P 500 down by 1.39% and the Russell 2000 down by 1.08%. Recent stocks in the semiconductor industry like ASML, AMD, and NVIDIA are on a decline due to presidential candidate statements on China and Taiwan policies.

Discover Financial Services surprised with earnings of $6.06 per share, beating estimates by $3.00. Revenues reached $4.54 billion, loan growth was at +8%, with Personal Loans up by +13% and Credit Cards by +7%. Capital One plans to acquire Discover Financial Services for $35 billion by the end of 2024 or 2025.

United Airlines reported Q2 earnings of $4.14 per share, beating estimates. However, sales of $14.99 billion missed projections, leading to a decrease in next-quarter earnings guidance. Darden Restaurants acquired Chuy’s Holdings for $605 million, boosting shares to $37.20 each, representing a 47% increase.

Big rotations continue with the Russell up 10% in the past month, followed by the Dow at 6%. The Nasdaq remains up by 21% year-to-date, S&P by 17%, Russell by 11%, and Dow by 9%. The semiconductor industry takes a hit due to political comments on China and Taiwan.



Read more at Nasdaq: Big Rotation Continues; DFS Beats Big in Q2, United Mixed