Stocks drop, Dow gains, tech stocks drag market down, Bitcoin rises, dollar falls

From CNBC: 2024-07-19 18:57:33

– Stocks finished lower on Friday, with the Dow losing over 370 points. The S&P 500 and Nasdaq also dropped around 0.7% and 0.8%, respectively. The Dow was the only index to see gains for the week, adding 0.7% while the S&P 500 and Nasdaq fell about 2% and 3.7%.
– Bank of America analyst Justin Post says Amazon’s “successful” Prime Day will support their 3Q outlook despite fewer disclosures this year. Promotions for back-to-school shopping are expected to be high.
– Strategas remains bullish on the market despite some economic weaknesses and the approaching political season. They still prefer equities.
– President Biden under pressure to drop out of the election, could temporarily impact the “Trump trade.”
– Major tech stocks like Amazon and Microsoft dragged the Dow down this week.
– UBS suggests reducing exposure to the dollar, which is trading at levels last seen in the 1980s.
– Bitcoin hit its highest level in a month on Friday, rising 4.5% to $66,496.40.
– Information technology stocks dragging the S&P 500 down this week.
– CrowdStrike facing worst week since November 2022 due to major IT outage.
– Nvidia on track for worst week in 3 months amid market rotation.



Read more at CNBC: Stock market news for July 19, 2024