The market rotated out of the large/mega-cap tech stocks today. Markets got a little spooked by better than expected JOLT job openings and the realization that July is probably not a month for a rate cut.
Some recent gainers were hit hard today.
Nvidia -2.69%Broadcom -3.82%SuperMicro Computer -3.14%AMD -3.71%Meta -2.42%Palantir -4.27%Palo Alto Networks -3.33%
Meanwhile, the Dow stocks shined with the following 15 Dow stocks rising by 1.25% or more
UnitedHealth (UNH): +4.38%
Amgen (AMGN): +4.11%
Sherwin-Williams (SHW): +3.73%
Merck & Co (MRK): +3.25%
Nike (NKE): +3.19%
Honeywell (HON): +2.53%
Johnson & Johnson (JNJ): +2.02%
McDonald’s (MCD): +1.97%
Home Depot (HD): +1.93%
Chevron (CVX): +1.61%
Coca-Cola (KO): +1.38%
3M (MMM): +1.34%
Apple (AAPL): +1.39%
American Express (AXP): +1.31%
Procter & Gamble (PG): +1.24%
The final numbers for the major indices are showing:
Dow industrial average rose 400.29 points or 0.91% at 44495.06S&P index -6.90 points or -0.11% at 6198.05NASDAQ index -166.84 points or -0.82% had 20202.89Russell 2000 rose 20.43 points or 0.94% at 2195.46
The day was clearly rotational which is ok as it implies a growing economy, but there is some selling of the rich and buying the less fortunate/poor.
Two days of record closes in the S&P and Nasdaq come to an end.
This article was written by Greg Michalowski at www.forexlive.com.