US stocks whipsawed on Thursday as investors regrouped after a Big Tech-led wipeout in the prior session, inspired by AI doubts. The Dow Jones Industrial Average rose 0.4% while the S&P 500 rose 0.2% on the heels of Wednesday's steep closing losses. The Nasdaq Composite erased early session losses of more than 1.6% to climb above the flatline, coming off the worst day for the tech-heavy index since October 2022.
At the same time, concerns about the robustness of the US economy are emerging as big-name earnings misses cast doubt on how consumers are holding up in the face of historically high borrowing costs. Given that, traders are now pricing in bigger cuts by the Federal Reserve — a reduction of about 30 basis points by September, and of almost 70 basis points over 2024, according to money markets. Odds on an earlier-than-expected rate cut in July have also ticked up, CME FedWatch data showed.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Stock market today: World stocks fall as investors are underwhelmed by Big Tech earningsWorld stocks fell Wednesday as the earnings reporting season ramped up for big companies, with investors showing a lack of enthusiasm for results so far.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Stock market news today: US stocks wobble amid earnings flood, with Big Tech on deckA marquee earnings day brings Big Tech results, in focus as investors assess the future of this year's rally.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Stock market news today: US stocks rise amid earnings flood, with Big Tech on deckA marquee earnings day brings Big Tech results, in focus as investors assess the future of this year's rally.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Stock market news today: US stocks waver amid earnings flood, with Big Tech on deckA marquee earnings day brings Big Tech results, in focus as investors assess the future of this year's rally.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Stock market today: Wall Street holds steadier a day after big drop in tech stocksNEW YORK (AP) — Wall Street is holding steadier following the worst day for big technology stocks since 2022. The S&P 500 was up 0.2% in early trading Thursday, and the Nasdaq composite was up 0.6%.
Source: SooToday - 🏆 8. / 85 Read more »