MARKET WRAP

The sell-off intensified today, with the decline broadening beyond tech stocks.

The S&P 500 fell 0.78%, while the Nasdaq fell 0.7% and the Russell 2000 was down nearly 2%.

This comes after a surge in jobless claims showed the labor market continues to cool, offsetting excitement over a September rate cut.

The market-wide retreat signals a potential pause in the recent bull run.

DR Horton shares surged 10% to an all-time high after the company beat on earnings. Rivals Pultegroup and Toll Brothers also touched new highs, rallying more than 2% each.

According to CNBC, by midday, at least 69 stocks in the S&P 500 had reached new 52-week highs. Names like Coca-Cola, UnitedHealth, WalMart, BlackRock, and Lockheed Martin made the list.

On the contrary, Las Vegas Sands and Estee Lauder hit new 52-week lows.

Of the Mag 7 stocks, Nvidia and Meta caught a rebound, up around 3%. Meanwhile, declines in Amazon, Alphabet, Microsoft, and Apple continued to accelerate.

MRKT MATRIX: July 18, 2024

Today’s Top Stories:

• Dow tumbles 500 points, S&P 500 slides 1% as broad sell-off intensifies(CNBC)

• Wall Street’s ‘Great Rotation Trade’ Takes a Break

  (Bloomberg)

• Goldman’s Top Stock Analyst Is Waiting for AI Bubble to Burst (Bloomberg)

• Eli Lilly’s stock plunges as investors eye obesity-drug competition(MarketWatch)

• Domino's Stock Sinks After Pizza Chain Warns of Fewer Store Openings (WSJ)

• Amazon Prime Day boosts US online sales to record $14.2 bln, Adobe says (Reuters)

• Ford to spend $3 billion to expand large truck production to a plant previously set for EVs(CNBC)

• OpenAI Has Talked to Broadcom About Developing New AI Chip(The Information)

• Behind the Curtain: Top Dems now believe Biden will exit (Axios)

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