Chip stocks like ASML, Nvidia, and Taiwan Semiconductor took the lead. Other mega caps and AI plays were widely affected.
Nasdaq is the second largest stock share exchange in the world stock market today for investors who want to sell or buy stock future. Nasdaq was initially an acronym, NASDAQ, which stands for Nation Association of Securities Dealers Automated Quotations.
Eli Lilly and Novo Nordisk declined in the pharma field, as Roche announced promising early-staged results for its oral weight-loss supplement.
Outside of tech, the stock market had a muffled session. The Dow Jones, banks, and energy stocks future continued to increase along with more preservative areas.
During prolonged trading, Discover Financial jumped 3% after its second-quarter results exceeded expectations. Beyond Meat dropped approximately 16% stock futures, after The Wall Street Journal stated, quoting close sources, that the meat-providing company will meet with stakeholders to initiate negotiations about its financial statement reorganization.
The rotation trade continued Wednesday on regular trading sessions. The tech giant Nasqar Composite descended 2,8% on its worst day since December 2022, ending below 18.000 for the first time since July first.
Dow Jones Industrial Average, which had less exposure to the tech stock market than the other two indexes, exceeded. The company index gained 243.6 points (0.6%), finishing above 41.000 for the first time.
Artificial Intelligence investors’ shares have been dumped this year by Wall Street, as the growing probability of a September rate cute reinforced optimism in the broader stock market. The Rusell 2000 decreased by 1% on this Tuesday, but the small-capitalization index has leaped more than 9% in stock futures in the last five trading days.
Stakeholders hopped for a widening stock market, among worries that the rally driven by the tech is running out of steam in the stock market today. However, some await the change in management may not be sufficient to protect the stocks from future problems. This includes the possibility of an economic slowdown.
Lauren Goodwin, the chief market strategist at New York Life Investments, said about the stock market today: “This is a market - a Fed pivot market - two, three months we expect a cut, exactly as we’d expect to see it. A lot of uplift in areas like small caps, other areas of the risk market where capital is really unblocking.”
“But the reality for the market is that we’ve already been in a soft landing for the next nine months. And so as we look to why the Fed is cutting rates, and the market starts to catch up with that reality, might be a couple of months from now, but we expect that the economy is still liable to slow.”
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