Tech sector selloff led to worst drop for S&P 500 and Nasdaq in 2024.

From Nasdaq: 2024-07-24 16:31:49

A tech sector selloff caused the S&P 500 and Nasdaq to record their worst drop since September 2022, with the Dow plummeting 504 points below 40,000. Tech giants such as Nvidia, Microsoft, and Meta Platforms were hit following disappointing earnings from Alphabet and Tesla. The Cboe Volatility Index saw its biggest percentage spike since May 2022.

In other news, recent surveys show a resilient U.S. economy, while a wealth gap is forming in the real estate market. YouTube revenue triggered a selloff of GOOGL, UPS stock saw a downgrade miss post-earnings, and AT&T stock managed to outperform the broad market selloff. Ethereum’s rise has put 2 crypto stocks in focus.

Oil prices rose as U.S. crude supplies decreased for the fourth consecutive week, with West Texas crude settling at $77.59 per barrel. Gold prices also increased due to the tech selloff and a weaker U.S. dollar, with gold futures settling at $2,426.60 an ounce for the day.



Read more at Nasdaq: Tech Selloff Sends Nasdaq, S&P 500 to Worst Day of 2024