Stocks are down, tech sell-off continues, weekly unemployment claims rise, potential rate cut

From Nasdaq: 2024-07-18 11:49:06

Stock indexes are down despite rising weekly unemployment claims, with S&P 500 down -0.51%, Dow Jones -0.27%, and Nasdaq -0.92%. The Philadelphia Fed business outlook survey rose to 13.9, stronger than expected. Markets see a chance of a -25 bp rate cut in September. Overseas markets are mixed. Interest rates are slightly higher, with 10-year T-notes yield at 4.185%. Eurozone new car registrations rose, construction output fell. ECB keeps main refinancing rate at 4.25%. ECB President Lagarde cites downside risks to economic growth. US stock movers include chip stocks, home builders, Cintas, M&T Bank, and Quanta Services. Warner Bros Discovery, Discover Financial Services, and Domino’s Pizza are among the gainers, while Elevance Health, Crowdstrike Holdings, and others are among the losers. KeyCorp is down after reporting weaker net interest income. Earnings reports to watch include Abbott Laboratories, Blackstone Inc, Netflix Inc, and more.



Read more at Nasdaq: Stocks Continue to Slide Lower as Sell-Off in Tech Continues