Tech stock slump leads to Nasdaq, S&P 500 decline; Dow sets record high.

From Investing.com: 2024-07-17 19:33:24

The Dow and Nasdaq fell as microchip stocks plunged on fears of worsening U.S.-China trade tensions, leading to a rotation away from tech giants like Nvidia and Apple. The S&P 500 slid, but the Dow hit a record high with boosts from Johnson & Johnson and UnitedHealth Group. Investors are showing interest in undervalued smallcap stocks and sectors. Economic data on housing starts and building permits exceeded expectations, and industrial output rose. The Fed’s Beige Book reported modest economic growth and a softening job market. Markets are pricing in a 93.5% chance of a rate cut in September. Johnson & Johnson reported strong earnings.



Read more at Investing.com: Nasdaq, S&P 500 end sharply lower, hit by chips, megacaps; Dow extends rally By Reuters