financetom
Market
financetom
/
Market
/
US Equity Indexes Decline in Midday Trading
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US Equity Indexes Decline in Midday Trading
Jul 18, 2024 10:21 AM

12:50 PM EDT, 07/18/2024 (MT Newswires) -- US equity indexes fell after midday Thursday as quarterly earnings rolled in and weekly jobless claims increased more than forecast.

The Nasdaq Composite fell 0.9% to 17,840.9, with the S&P 500 down 0.7% to 5,552.2 and the Dow Jones Industrial Average 0.8% lower at 40,873.6. On Wednesday, the Nasdaq had its worst day since 2022 as the index sank 2.8% amid a sell-off in chip stocks following reports that the US may impose tighter export restrictions, according to a note from D.A. Davidson.

Technology was among the steepest decliners, while real estate was the second-biggest gainer by Thursday afternoon. For this week, the technology sector looks set for the sharpest decline and real estate for the biggest gain, reflecting potential investor strategy to play the highly anticipated monetary policy easing in September while tackling the pitfalls of geopolitics.

In company news, Taiwan Semiconductor Manufacturing Company ( TSM ) reported higher Q2 earnings as sales topped analysts' estimates. Still, shares of the Taiwanese chipmaker caught in the crosshairs of geopolitics fell 3% intraday. Nvidia ( NVDA ) was up 1.8% intraday. Broadcom ( AVGO ) rose 0.6%, while Qualcomm ( QCOM ) fell 1% intraday.

Domino's Pizza's (DPZ) second-quarter results rose year over year while the pizza restaurant chain temporarily suspended its long-term outlook for global net store growth. Its shares sank more than 13% intraday, the worst performer on the S&P 500.

D.R. Horton ( DHI ) shares soared 10.5% intraday, the leader on the S&P 500, after the company reported better-than-expected fiscal Q3 results.

The US 10-year Treasury yield rose 3.1 basis points to 4.18%, and the two-year rate climbed 1.9 basis points to 4.45%.

In economic news, US initial jobless claims rose to 243,000 during the week ended July 13 from the upwardly revised 223,000 level in the previous week, compared with expectations for 229,000 in a survey of analysts compiled by Bloomberg. The four-week moving average climbed 1,000 to 234,750.

West Texas Intermediate crude oil rose 0.5% to $83.24 a barrel.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Tech stocks lift Europe's STOXX 600 to record high; Fed in focus
Tech stocks lift Europe's STOXX 600 to record high; Fed in focus
Jan 29, 2025
* Volvo up on strong orders in Q4 * LVMH slumps as sales growth disappoints * Fed rate decision due at 1900 GMT * Germany's DAX at record high, Spain's IBEX at 16-yr peak * STOXX 600 at record high, up 0.5% (Updates for market close) By Nikhil Sharma and Johann M Cherian Jan 29 (Reuters) - European shares closed...
US STOCKS-Tech majors drag on S&P 500, Nasdaq as Fed's rate verdict looms
US STOCKS-Tech majors drag on S&P 500, Nasdaq as Fed's rate verdict looms
Jan 29, 2025
(For a Reuters live blog on U.S., UK and European stock markets, click/ or type LIVE/ in a news window.) * F5 rises after Q2 revenue forecast tops estimates * T-Mobile jumps after upbeat 2025 subscriber growth forecast * Danaher ( DHR ) falls after Q4 profit miss * Indexes: Dow up 0.04%, S&P 500 down 0.36%, Nasdaq down 0.69%...
US Equity Indexes Mixed Ahead of Magnificent-7 Quarterly Results, Fed Policy Guidance
US Equity Indexes Mixed Ahead of Magnificent-7 Quarterly Results, Fed Policy Guidance
Jan 29, 2025
12:05 PM EST, 01/29/2025 (MT Newswires) -- US equity indexes traded mixed ahead of quarterly earnings reports from three mega-caps in the so-called Magnificent-7 group of companies and Federal Reserve Chair Jerome Powell's views on the path ahead for interest rates. The Nasdaq Composite fell 0.7% to 19,604.1, with the S&P 500 down 0.3% to 6,047.2. The Dow Jones Industrial...
Top Midday Stories: ASML, T-Mobile Shares Rise as Earnings Beat Estimates; Danaher Shares Tumble on Earnings Miss
Top Midday Stories: ASML, T-Mobile Shares Rise as Earnings Beat Estimates; Danaher Shares Tumble on Earnings Miss
Jan 29, 2025
11:50 AM EST, 01/29/2025 (MT Newswires) -- The Nasdaq Composite and S&P 500 Index were both down in late-morning trading Wednesday, while the Dow Jones Industrial Average was up slightly as investors await the Federal Reserve's first rate decision of 2025 in the afternoon. In company news, ASML Holding ( ASML ) reported Q4 earnings Wednesday of 6.84 euros ($7.12)...
Copyright 2023-2025 - www.financetom.com All Rights Reserved