From Nasdaq: 2024-08-02 12:41:21

US stocks plunged today with the S&P 500, Dow Jones, and Nasdaq 100 hitting lows amidst weaker US economic news and technology earnings disappointments. -25 bp rate cut expected for September. Intel down -27%, Amazon -11%, Atlassian -15%, Microchip -9%, Booking -6%. T-notes up, 10-year yield hits 7-month low. Overseas markets down: Euro Stoxx 50 -2.25%, Shanghai -0.92%, Nikkei -5.81%. Intel reports revenue miss, Amazon forecasts weaker Q3. Interest rates down, T-notes surge on weak economic data. Chevrons’s adjusted EPS lower than consensus, GoDaddy up. Snap down after Q2 revenue miss, Lululemon downgraded. Apple reports better than expected Q2 revenue, Clorox and MercadoLibre up. DoorDash, Cloudflare, Camden Property Trust report positive earnings.



Read more at Nasdaq: Stock Selloff Deepens on Signs the US Economy is Losing Momentum