Dow Jones Rises above the Rest of the Stock Market
On Thursday, the Dow Jones Industrial Average beat out the Nasdaq Composite and the S&P 500 by climbing 1.07%. This is the first time since early June that it has outperformed the other indices.
The Nasdaq dropped by 0.79%, and the S&P 500 was down by 0.25%. These are not significant drops for these indices, though, since they have been high for a while.
Nvidia (NVDA) was once again one of the biggest news stories on the market for Thursday. That stock had been climbing very quickly recently, but before the market closed, it had dropped by 3.54%. This severe price correction does not sound the death knell on investor interest in the stock but only a more realistic valuation of the stock after its recent artificial inflation.
GameStop (GME) stock was down as well, dropping 1.33% down to $25.23 per share as opposed to its recent high of $29.12. The company’s stock is still well above its pre-bull trend period but well below the highest highs of recent weeks.
Economic Data Comes in
Investors were processing new economic reports and weighing their investment decisions based on where they expect the market to move now. Inflation in the UK dropped down to the expected level, but the Bank of England is keeping a tight grip on current internet rates.
In the US, jobless claims are down slightly but not as much as was anticipated. The housing market saw a small decline, and US inflation is holding tight. Treasury yields climbed on both 10- and 2-year yields. The Philadelphia Fed index, which reports on factory work in the area, was a letdown.
The mixed data caused the stock market to drop overall, with major stocks that had been enjoying impressive gains recently dropping quickly and unexpectedly. We may see a repeat of this disappointing activity today as the market opens, though trading should be slightly more muted.
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