U.S. Stocks May See Further Downside In Early Trading
25 Julho 2024 - 10:05AM
IH Market News
The major U.S. index futures are currently pointing to a
modestly lower open on Thursday, with stocks likely to see further
downside following the sell-off seen in the previous session.
After ending Tuesday’s choppy trading session modestly lower,
stocks showed a more substantial move to the downside during
trading on Wednesday. The tech-heavy Nasdaq showed a particularly
steep drop on the day, tumbling to its lowest closing level in over
a month.
The major averages saw further downside late in the session,
closing near their worst levels of the day. The Nasdaq plunged
654.94 points or 3.6 percent to 17,342.41, the S&P 500 dove
128.61 points or 2.3 percent to 5,427.13 and the Dow slumped 504.22
points or 1.3 percent to 39,853.87.
The sell-off on Wall Street came amid a negative reaction to
corporate earnings news from companies like Tesla (NASDAQ:TSLA) and
Alphabet (NASDAQ:GOOGL).
Shares of Tesla plummeted by 12.3 percent after the electric
vehicle maker reported weaker than expected second quarter
earnings.
Google parent Alphabet also plunged 5.0 percent after reporting
second quarter earnings that beat analyst estimates but missing
expectations for YouTube advertising revenue.
Shares of Meta Platforms (NASDAQ:META) also tumbled by 5.6
percent after the Facebook parent announced a free version of its
Llama artificial intelligence model.
On the other hand, telecom giant AT&T (NYSE:T) jumped by 5.2
percent after reporting second quarter earnings in line with
estimates and stronger than expected phone subscriber growth.
In U.S. economic news, the Commerce Department released a report
unexpectedly showing a continued decrease by new home sales in the
U.S. in the month of June.
The report said new home sales fell by 0.6 percent to an annual
rate of 617,000 in June after plummeting by 14.9 percent to a
revised rate of 621,000 in May.
Economists had expected new home sales to surge by 3.4 percent
to a rate of 640,000 from the 619,000 originally reported for the
previous month.
With the unexpected decline, new home sales slumped to their
lowest level since hitting an annual rate of 611,000 in November
2023.
Semiconductor stocks showed a substantial move to the downside
on the day, with the Philadelphia Semiconductor Index plunging by
5.4 percent to its lowest closing level in two months.
Software, networking and computer hardware stocks also saw
significant weakness, contributing to the steep drop by the
Nasdaq.
Considerable weakness was also visible among airline stocks, as
reflected by the 3.4 percent nosedive by the NYSE Arca Airline
Index.
Housing, oil service and retail stocks also showed notable moves
to the downside, while utility stocks bucked the downtrend, driving
the Dow Jones Utility Average up by 1.7 percent.
Tesla (NASDAQ:TSLA)
Gráfico Histórico do Ativo
De Ago 2024 até Set 2024
Tesla (NASDAQ:TSLA)
Gráfico Histórico do Ativo
De Set 2023 até Set 2024