Stock market today: The smallest stocks rally, but losses for Big Tech pull Nasdaq and S&P 500 lower

NEW YORK — Wall Street’s split widened, as smaller stocks and other formerly unloved areas of the market rose up while superstar Big Tech stocks gave back more of their huge gains. Most stocks climbed Thursday after a surprisingly strong report on the U.S. economy raised hopes for profits at smaller companies. Continued weakness for a pocket of Big Tech stocks including Nvidia and Microsoft weighed on the S&P 500, however, and the index fell 0.

Keeping the market in check were losses of 1.8% loss for Microsoft and 1.9% for Alphabet. They were following up on sharp losses from a day earlier, when investors pummeled Big Tech stocks after profit reports from Alphabet and Tesla underwhelmed and raised concerns that the market's frenzy around artificial-intelligence technology had sent prices too high.

The economy's growth accelerated to an estimated 2.8% annual rate from April through June, double the rate from the prior quarter. Perhaps just as importantly for Wall Street, the report wasn’t so hot that it fanned worries about upward pressure on inflation. Cuts to rates would release pressure that’s built up on both the economy and financial markets, and investors are thinking it could offer a particularly big boost to smaller stocks and other formerly downtrodden areas of the market.

IBM was one of the biggest reasons for the Dow Jones Industrial Average's climb, and it rose 5.3% after delivering stronger profit and revenue than expected for the last quarter. It also raised its forecast for how much cash it will generate this year, saying its AI business has been strong.

Brasil Últimas Notícias, Brasil Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Stock market news today: Stocks whipsaw after steep Big-Tech sell-offEarnings misses have put the spotlight on the health of the economy after a Big Tech-led sell-off.
Fonte: YahooFinanceCA - 🏆 47. / 63 Consulte Mais informação »

Stock market today: Wall Street opens mixed as Big Tech steadies itselfNEW YORK (AP) — U.S. stocks are stanching the bleeding, a day after their worst losses since 2022 led to a wipeout for financial markets circling the world.
Fonte: SooToday - 🏆 8. / 85 Consulte Mais informação »

Stock market news today: US stocks steady after steep Big Tech-led sell-offEarnings misses have put the spotlight on the health of the economy after a Big Tech-led sell-off.
Fonte: YahooFinanceCA - 🏆 47. / 63 Consulte Mais informação »

Stock market news today: US futures steady after steep Big Tech-led sell-offEarnings misses have put the spotlight on the health of the economy after a Big Tech-led sell-off.
Fonte: YahooFinanceCA - 🏆 47. / 63 Consulte Mais informação »

Stock market today: Big Tech slumps after profits from Alphabet and Tesla fail to impressNEW YORK (AP) — Drops for Tesla and Google parent company Alphabet are dragging indexes lower after the Big Tech giants delivered earnings that failed to impress. The S&P 500 fell 1.
Fonte: SooToday - 🏆 8. / 85 Consulte Mais informação »

Stock market news today: Nasdaq futures lead losses as first Big Tech earnings fail to deliverDisappointing Alphabet and Tesla earnings have stirred up worries that Big Tech's power to fuel stock market gains is fading.
Fonte: YahooFinanceCA - 🏆 47. / 63 Consulte Mais informação »