Tech outage causes CrowdStrike to plummet 9.6% in stock price.

From CityNews: 2024-07-19 06:40:00

Wall Street remains steady amidst a disruptive technology outage affecting global businesses. The S&P 500 and Nasdaq are mostly flat, while the Dow Jones is down 0.5%. CrowdStrike issues a fix for the outage caused by a faulty Microsoft Windows update, leading to a 9.6% drop in their stock.

A major outage disrupts flights, banks, and medical appointments worldwide. United Airlines sees minimal gains after the outage affects check-in procedures. American and Delta Airlines experience slight declines. Comerica drops 12.7% due to losing a federal benefit recipient program. American Express falls 4.1% despite stronger profit.

Huntington Bancshares rises 3% after exceeding profit expectations. Netflix reports better-than-expected profits, causing fluctuating stock prices. Halliburton drops 4.1% after matching profit expectations but missing revenue targets. SLB rises 3.7% after surpassing profit expectations.

The S&P 500 faces its worst week since April, despite reaching an all-time high on Tuesday. Big Tech stocks experience criticism for high prices, with NVIDIA up 140% this year. The market sees shifts towards smaller and value stocks, aiming for long-term opportunities according to Brian Jacobsen. Wall Street suffers a washout after setting multiple all-time highs.

Expectations of interest rate cuts by the Federal Reserve boost the market and lower Treasury yields. Global stock indexes show mixed performances, with declines in Europe and Asia. Chinese officials outline plans to establish technological leadership and improve living standards after a high-level Communist Party meeting.



Read more at CityNews: Wall Street is mostly steady as CrowdStrike tumbles following global tech outage