S&P 500 Below 5,800, Nasdaq Below 20,000 as Stock Retreat Accelerates
The decline in stock markets picked up pace today, with the S&P 500 falling below $5,800 points while Nasdaq slipped below 20,000 points.
The decline in stock markets picked up pace today, with the S&P 500 falling below $5,800 points while Nasdaq slipped below 20,000 points. Major U.S. and European stock indices declined today as market sentiment shifted once again toward risk aversion, while the U.S. dollar continued its steady ascent.
Nasdaq Chart Daily – Going Through A Strong Retreat Today
Despite a strong upward trend throughout 2024, stock markets now appear to be undergoing a pullback, giving investors a chance to reassess after recent highs. European and US markets closed lower for the third consecutive day this week, marking a steady decline as equities have dropped each day so far. This retreat suggests a period of consolidation as traders weigh potential risks against the backdrop of previous market peaks.
Closing Prices for U.S. Equities
- Dow Industrial Average: Down 410 points (-0.1%) to 42,515.
- NASDAQ Index: Fell nearly 300 points (-1.70%) to 18,276.
- S&P 500 Index: Dropped 54 points (-0.92%) to 5,797.
Although US equities closed the day down, they remained above their lows. The Dow, S&P, and NASDAQ all fell as US markets finished the day lower while Tesla missed revenue but outperformed EPS. After the close, there was a number of earnings releases highlighted by Tesla. Tesla shares are trading up 8.15% after-hours trading:
Tesla Earnings Report
- EPS: $0.72 (beat expectations of $0.58)
- Revenue: $25.18B (missed expectations of $25.37B)
- Gross margin: 19.8% (beat expectations of 16.8%)
- Expects slight growth in vehicle deliveries in 2024
Closing Prices for Main European Bourses
- Stoxx 600: -0.3%
- German DAX: -0.2%
- France’s CAC: -0.5%
- UK’s FTSE 100: -0.6%
- Spain’s Ibex: +0.2%
- Italy’s FTSE MIB: -0.1%
S&P 500 Live Chart
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