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Stock Market Today: Live Updates
As I tuned into the stock market on Wednesday evening, I noticed a slight increase in U.S. stock futures following a significant downturn in the Nasdaq Composite, marking its most challenging session since 2022. This shift was largely driven by investors moving away from high-flying big tech stocks.
The Dow Jones Industrial Average futures rose by 68 points, or 0.16%. S&P 500 futures and Nasdaq 100 futures climbed 0.20% and 0.33%, respectively. During after-hours trading, Discover Financial surged over 4% after releasing better-than-expected second-quarter results. Conversely, Beyond Meat plummeted by 15% as the company initiated talks with bondholders to discuss restructuring its financial position.
The rotation trend persisted throughout the regular trading day on Wednesday. The Nasdaq, heavily weighted towards technology stocks, saw a significant decline of 2.8%, its most substantial drop since December 2022. On the other hand, the S&P 500 fell by 1.4%. The Dow Jones, with less exposure to the tech sector compared to the other indices, performed better, gaining 243.6 points or 0.6%, achieving a historic close above $41,000 for the first time.
Market sentiment has seen a shift with investors offloading shares of companies benefiting from artificial intelligence this year, as optimism in the broader market increased due to the likelihood of a rate cut in September. The Russell 2000 index dipped by 1% on Wednesday but has surged over 9% in the past five trading days.
Looking ahead, jobless claims data for the week ending July 13 is expected on Thursday morning, with economists forecasting a slight increase to 229,000 from the previous week's 222,000. In terms of earnings reports, Domino's Pizza and Alaska Air are scheduled to announce their results before the market opens on Thursday, while Netflix is expected to report after the closing bell.
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