The Retreat in Nasdaq Continues, As Stock Market Crash Escalates
The Nasdaq index, after initially opening lower, escalated the decline, as sellers took over, pushing the price down to a low of 16,579
The Nasdaq index, after initially opening lower, escalated the decline, as sellers took over, pushing the price down to a low of 16,579 before pulling higher slightly. Bonds are being aggressively purchased, indicating a massive deleveraging crisis, while stocks are taking a severe hit. The market is signaling that the Fed is out of sync with the weakening economy. There’s a 70% chance of a 50 basis point cut in September, with analysts now predicting two 50 bps cuts in September and November to initiate the cycle.
Nasdaq Chart Daily- The 100 SMA Has Been Broken
Volatility in the Technology Sector
Today’s stock market charts highlight notable volatility across various industries, particularly within the technology sector. Nvidia (NVDA) experienced significant declines, dropping 5.50%, underscoring broader concerns in the semiconductor industry. In contrast, Apple (AAPL) managed to rise by around 1%, showing some some resilience amid the general instability in the tech sector.
Retail Weakness and Negative Market Sentiment
Consumer businesses like Amazon (AMZN) saw a sharp decline of over 10%, reflecting consumer weakness that is impacting larger retail corporations. Market sentiment has worsened over the past two days, mirroring a general lack of confidence as US economic data continues to weaken. Following yesterday’s bearish reversal in previously strong sectors like technology and consumer services, investors are cautiously reacting to today’s earnings reports and disappointing employment figures, with the unemployment rate rising to 4.3%.
US Factory Orders for June 2024
- June factory orders: -3.3% vs. -2.9% expected
- Prior: -0.5%
- Factory orders ex-transportation: +0.1% vs. +0.5% prior
- Shipments: +0.5%
Revisions to Durable Goods Orders
- June durable goods: -6.7% vs. -6.6% preliminary; prior month: +0.1%
- Durable goods ex-transportation: +0.4% vs. +0.5% preliminary
- Durable goods non-defense capital goods ex-air: +0.9% vs. +1.0% preliminary
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