24 July 2024 Market Close & Major Financial Headlines: Markets Gapped Gapped Down At The Opening, The Small Caps Continued To Trend Lower, While The Dow Traded Sideways, All Three Major Indexes Closed Sharply Down In The Red
Summary Of the Markets Today:
- The Dow closed down 504 points or 1.25%,
- Nasdaq closed down 3.64%,
- S&P 500 closed down 2.31%,
- Gold $2,403 down $15.10,
- WTI crude oil settled at $78 up $0.72,
- 10-year U.S. Treasury 4.287 up 0.049 points,
- USD index $104.38 down $0.070,
- Bitcoin $65,643 down $297 or 0.45%,
*Stock data, cryptocurrency, and commodity prices at the market closing.
Today’s Highlights:
- Nasdaq Sinks Over 3%: The Nasdaq experienced a significant drop, driven by disappointing earnings from Tesla and Alphabet. This sell-off has led to increased market volatility, with the VIX reaching its highest level since April.
- US Business Activity Growth: Business activity in the US grew at its fastest rate in over two years in July, according to S&P Global’s latest flash US composite PMI. The services sector drove the gains, while manufacturing activity declined.
- Tech Stocks Lead Losses: Major tech stocks, including Tesla and Alphabet, saw substantial declines, contributing to the broader market downturn. Tesla’s stock fell nearly 9%, and Alphabet’s shares dropped about 5%.
- Economic Confidence Among Small to Mid-Sized Businesses: Despite high economic confidence among small to mid-sized businesses, there are emerging signs of concern, as highlighted in a recent report.
- Fiserv to Release Q2 Earnings: Fiserv, a global provider of financial services technology, is set to release its second-quarter earnings results today. The company will present the results during a live webcast
Click here to read our current Economic Forecast – July 2024 Economic Forecast: One Recession Flag Removed But Little Indication The Economy Is Strengthening
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
Sales of new single-family houses in June 2024 is 7.4% below June 2023. The median sales price of new houses sold in June 2024 was $417,300. The average sales price was $487,200. The seasonally-adjusted estimate of new houses for sale at the end of June was 476,000. This represents a supply of 9.3 months at the current sales rate. Over the last 18 months, the median sales price of new homes is little changed. It is obvious that high mortgage rates are affecting new home sales.
Here is a summary of headlines we are reading today:
- Unaffordable Prices and Elevated Interest Rates Impact New Car Demand
- Net-Zero Targets Could Double Yearly Copper Demand by 2035
- Russia, Iraq And Kazakhstan To Compensate Overproduction in The Next 15 Months
- ‘Oil Kills’ Climate Activists Block European Airports
- Tesla to Focus on Autonomy and AI as Earnings Disappoint
- S&P 500, Nasdaq tumble for worst day since 2022 as Tesla, Alphabet slide after quarterly results: Live updates
- Tesla shares close down 12% after earnings miss for biggest slump since 2020
- Why an indicator that has foretold almost every recession doesn’t seem to be working anymore
- Stocks making the biggest moves midday: Lamb Weston, Tesla, Enphase Energy and more
- CrowdStrike to improve testing after ‘bug’ caused outage
- 2-year Treasury rallies on wave of risk-off sentiment, sending yield to lowest in more than five months
- ‘Magnificent Seven’ stocks near correction territory as $1.7 trillion in value erased
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.