Tech stocks fall, expectations rise for rate cut due to inflation data
From Network18.: 2024-07-11 22:45:55
On July 11, the S&P 500 and Nasdaq ended their record streak, dropping as investors moved away from tech and towards undervalued stocks. Despite the Dow Jones finishing up 0.1%, the S&P 500 fell 0.9% and the Nasdaq dropped 2.0%. Inflation data showing smaller price increases fueled expectations of a September interest rate cut. Delta’s profits fell 29%, Tesla delayed its robotaxi launch, and tech giants like Microsoft, Amazon, and Apple saw declines. Treasury yields plummeted after the report’s release, with the 10-year yield dropping to 4.20%, boosting stock prices.
Read more at Network18.: Nasdaq, S&P 500 snap streak of records, fall amid rising rate cut expectations – Firstpost