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Stock Market Today: Live Updates
As I follow the stock market closely, I noticed that on Thursday evening, stock futures experienced a slight increase. The primary indices are on track for weekly declines, with investors eagerly awaiting the Federal Reserve's favored inflation metric.
Futures linked to the $Dow Jones Industrial Average rose by 65 points, translating to just above 0.1%. Both $S&P 500 and $Nasdaq 100 futures also saw a rise of 0.1% each.
In after-hours trading, medical equipment manufacturer $Dexcom faced a significant drop of 39% following the release of disappointing annual financial forecasts. Conversely, footwear brand $Deckers reported quarterly earnings and revenue that surpassed analysts' expectations, leading to an approximate 9.8% surge in its stock price.
As the week nears its conclusion, stocks appear set to finish lower, as investors on Thursday compounded the previous session's significant losses by selling off shares in major tech and artificial intelligence-related companies. This trend seems to reflect a broader shift towards smaller-cap stocks and more cyclical sectors.
On Thursday, the $S&P 500 and the tech-heavy $Nasdaq Composite fell roughly 0.4% and 0.5%, respectively. In contrast, the 30-stock $Dow bucked the trend, gaining about 81 points, or approximately 0.2%.
"Volatility returned with intensity this week as the selling pressure in large-cap stocks impacted the overall market," noted Adam Turnquist, chief technical strategist at LPL Financial, in a communication to clients. He added that overbought market conditions have also played a role in the recent downturn. "The counteracting weakness in these major names presents a challenge for the broader market."
The broad-market index has declined by 1.1% this week, while $Nasdaq has dropped 3.1%. The $Dow is approximately 0.9% for the week thus far.
On Friday at 8 a.m. ET, market participants will focus on the June report of personal consumption expenditures, which is a key inflation measure favored by central bank officials. Economists surveyed by Dow Jones anticipate that the headline PCE will increase by 0.1% month-over-month and rise by 2.5% year-over-year. Additionally, the final Michigan sentiment survey will be published at 10 a.m.
In terms of earnings, $Bristol Myers Squibb and $3M are expected to release their quarterly results.
Original Article: https://www.cnbc.com/2024/07/25/stock-market-today-live-updates.html
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