David beats Goliath today.
The NASDAQ index has been the Goliath in 2024. The gains for the index reached close to 25%. That is huge – and it’s only July.
Meanwhile, the small guy on the block, the small-cap Russell 2000 has suffered. Before today, the gain for the year was only 1% – 2%. When the NASDAQ rises by 25% and the small-cap Russell is only 1/2%, it might as well been negative.
Today, the Russell 2000 took out its slingshot and slay the Nasdaq giant.
The final numbers are showing:
NASDAQ index fell -364.04 points or -1.95% to 18283.41. That was the worst trading day since April 30 and the fourth worst day for the year (the worst day was on January 31 with a decline of -2.23%)Russell 2000 Ross 73.28 points or 3.57% to 2125.03.. That was its best day of the year and the best day going back to November 14 when the index surged 5.44%
In between those extremes, the Dow Industrial Average rose, and the S&P index fell. The final numbers are showing:
Dow Industrial Average average rose 32.39 points or 0.08% at 39753.76S&P index fell -49.37 points or -0.88% at 5584.55NASDAQ index fell -364.04 points or -1.95% at 18283.41 Russell 2000+73.28 points or 3.57% at 2125.03
Of note is that although the S&P index fell, 7 of the 11 sectors actually rose with only four declining.
The losing sectors were led by
Information technology sector which fell -2.74%telecommunications services also tumbled by -2.56%consumer discretionary fell 1.47%
The winners today included:
Real estate surged 2.66%Utilities rose 1.84%Materials rose 1.49%.Industrials rose 1.24%.Energy rose 1.09%
Needless to say the Magnificent 7 did not have a good day after leading the market all through 2024:
Tesla tumbled -8.44% after it delayed its Robo taxi press conference. The price is now slightly negative on the year after recent gains Meta Platforms fell -4.11%.Amazon fell -2.37%Nvidia fell -5.57%Alphabet fell -2.93%Apple snapped its seven-day went straight with a decline of -2.32%Microsoft fell -2.48%
David slayed Goliath today, but the giant still has some life and tomorrow may be another day. For what would make life worse for Goliath, CLICK HERE
This article was written by Greg Michalowski at www.forexlive.com.
