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Stock Market Today: Live Updates
Stocks surged on Friday, as Wall Street aimed to cap off a turbulent week on a positive note. Investors weighed fresh U.S. inflation data, which showed a 0.1% month-over-month increase in the June personal consumption expenditures (PCE) report. This key inflation measure favored by central bank officials rose 2.5% year-over-year, as anticipated by economists surveyed by Dow Jones.
The Dow Jones Industrial Average traded 610 points higher, or 1.5%, led by $3M, which popped nearly 16% and headed for its best day. The industrials giant's significant gain was a welcome respite from the broader market's recent declines.
Stock futures experienced a slight increase on Thursday evening, with the Dow Jones Industrial Average rising by 65 points, or 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 neared its conclusion, stocks appeared 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. 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%. Dow is approximately 0.9% for the week thus far.
Original Article: https://www.cnbc.com/2024/07/25/stock-market-today-live-updates.html
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