Nasdaq falls sharply as investors move away from Big Tech stocks

From Investing.com: 2024-07-11 18:50:40

The Nasdaq fell sharply on Thursday, led by losses in Nvidia, Apple, and Tesla, as investors shifted to smaller companies on expectations of a September rate cut by the Federal Reserve. The S&P 500 also dropped after U.S. consumer prices unexpectedly fell in June, pushing the annual increase to the lowest in a year, increasing speculation of a rate cut. Microsoft, Amazon, and Meta Platforms saw declines, while Tesla tumbled 8.4% following a reported delay in the launch of its robotaxi. Apple and other tech-related stocks fell, while smaller companies saw gains on hopes of improved conditions with rate cuts. Delta Air Lines and other airline stocks plummeted after Delta forecasted lower profits, highlighting consumer pinch from inflation. Traders await Producer Price Index data and second-quarter earnings from big banks for more insights.



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