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Stock market news for July 23, 2024

Stock market news for July 23, 2024

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Traders work on the floor of the New York Stock Exchange.

New York stock market

THE S&P 500 Stocks hovered near the flat line Tuesday as traders braced for earnings reports from major tech giants.

The broad index fell 0.16% to close at 5,555.74 a day after posting its best performance in more than a month, while the Nasdaq Composite Index edged down 0.06% to close at 17,997.35. Dow Jones Industrial Average lost 57.35 points, or 0.14%, to close at 40,358.09.

Wall Street continues to assess the latest second-quarter results, with Google parent Alphabet and Tesla set to report earnings after the close. Those reports will be the first look at how the tech industry's biggest names have performed over the past three months.

“This reflects investors’ tendency to digest the combination of earnings, economic data and political developments in the U.S.,” said Greg Bassuk, CEO of AXS Investments. These factors should continue to “drive investor activity” in the coming weeks, he added.

UPS reported second-quarter results that missed the top and bottom lines, sending shares down 12% for its worst day ever recorded. Somewhere else, General Motors easily exceeds analysts' expectations But shares fell 6.4% as the automaker delayed plans for electric and autonomous vehicles.

Despite the disappointments, earnings season is off to a strong start. About 20% of S&P 500 companies have reported second-quarter results, and 80% of them have beaten expectations, according to FactSet data.

The moves follow a day of gains on Wall Street, with technology stocks rebounding after last week's slide. Russell 2000 Stocks also rose Monday, adding to last week's gain, in what was seen as a sign that traders were moving money into this cohort from the big tech names that have seen monstrous gains this year.

The shift to small caps also comes as investors are increasingly excited that the Federal Reserve will soon begin cutting interest rates, a move seen as particularly helpful for smaller and more cyclically oriented companies.

Sources

1/ https://Google.com/

2/ https://www.cnbc.com/2024/07/22/stock-market-today-live-updates.html

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