Oddbean

Wall Street ends sharply lower as anxiety rises, earnings heat up ========== U.S. stocks tumbled on Thursday as investors rotated away from high-priced megacap growth stocks and second-quarter earnings season gathered steam; The sell-off resumed a day after the Nasdaq posted its biggest one-day drop since December 2022 and the chip sector suffered its largest daily percentage plunge since March 2020; The CBOE Market Volatility index, often called the "fear index," touched its highest level since May; The Dow fell 533.06 points, or 1.29%, to 40,665.02, the S&P 500 lost 43.68 points, or 0.78%, to 5,544.59, and the Nasdaq Composite dropped 125.70 points, or 0.7%, to 17,871.22; Healthcare stocks suffered the largest percentage decline, while energy stocks were the sole gainers; Initial jobless claims data landed above analysts' estimates, providing further evidence that the labor market is softening; The Dow Jones Industrial Average fell the most, halting a series of consecutive record closing highs; The Russell 2000 fell for the second day in a row after an apparent rotation into smallcaps sent the index soaring 11.5% in its most robust five-day gain since April 2020; Investors are pulling back and cashing out due to uncertainty in politics; Domino's Pizza tumbled 13.6% after falling short of estimates for quarterly same-store sales; Homebuilder D.R. Horton beat profit estimates and delivered more new homes than expected, but tightened its annual forecast; Warner Bros Discovery jumped 2.4% following a report that the company had discussed a plan to split its digital streaming and studio businesses from its legacy TV networks; Declining issues outnumbered advancing ones on the NYSE and Nasdaq; The S&P 500 posted 76 new 52-week highs and two new lows; Volume on U.S. exchanges was 12.14 billion shares. #WallStreet #UsStocks #EarningsSeason #Nasdaq #ChipSector #CboeMarketVolatilityIndex #DowJonesIndustrialAverage #Russell2000 #HealthcareStocks #EnergyStocks #JoblessClaims #LaborMarket #Domino'sPizza #DrHorton #WarnerBrosDiscovery #Nyse #Nasdaq #S&p500 https://www.nst.com.my/business/economy/2024/07/1078510/wall-street-ends-sharply-lower-anxiety-rises-earnings-heat