Stock market drops due to trade tensions and potential interest rate cut, tech stocks hit

From Network18: 2024-07-17 23:11:44

Wall Street’s major indices mostly dropped on Wednesday as tech stocks were hit by trade tensions with China and the possibility of a US interest rate cut. The S&P 500 fell by 78.93 points, the Dow Jones added 243.60 points, and the Nasdaq Composite dropped by 512.42 points. The Dow reached a record close for the third consecutive day. Microchip stocks fell 6.8%, the Nasdaq dropped by 2.8%, and the S&P 500 slid by 1.4%. Johnson & Johnson rose by 3.7% after surpassing profit forecasts, while Five Below plunged by 25.1% due to its CEO’s resignation and poor forecasts. Bond yields also dipped slightly.



Read more at Network18: US stock market: – Firstpost