Wall Street closes with losses; Dow Jones retreats from highs.

Stock averages declined, led by the Dow Jones, due to risk aversion stemming from U.S. election uncertainty.

Ignacio Teson•Friday, July 19, 2024•1 min read

Stock indices fell due to risk aversion amid election uncertainty in the United States.

The three major Wall Street indices closed with losses on Thursday. Stock averages declined, led by the Dow Jones, due to risk aversion stemming from U.S. election uncertainty.

The Dow Jones, composed of 30 major companies, retreated from its record levels, dropping 1.29% to 40,665.02 points. The S&P 500, which includes 500 stocks, fell 0.78% to 5,544.59 points. The tech-heavy Nasdaq lost 0.70% to 17,871.22 points.

Stocks declined in a session marked by comments from former U.S. President Barack Obama, who joined others in questioning the viability of President Joe Biden’s re-election campaign.

Biden, reported to be ill with Covid-19, appears to have lost momentum, while his rival Donald Trump has seemingly gained strength following an assassination attempt at a rally over the weekend, from which he emerged unharmed.

SPX

The Dow Jones, which had been reaching record highs, fell more than its counterparts. This was due to a previous sell-off in tech stocks, which have significant weight in the Nasdaq and S&P 500.

In quarterly results, Netflix’s figures stood out after the market closed. Its shares fell 0.68% during the session and rose slightly by 0.02% post-market after reporting solid results.

The streaming company reported 8.05 million new subscribers, surpassing the expected 4.87 million. Its earnings and revenue also exceeded estimates, but its third-quarter guidance disappointed.

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ABOUT THE AUTHOR See More

Ignacio Teson

Economist and Financial Analyst

Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.