Nasdaq down, S&P 500 dips, Dow gains in early trade
Nasdaq down >1%, S&P modestly red, Dow manages a gain
Real Estate leads sector gainers; Tech biggest loser
Euro STOXX 600 index down ~0.9%
Dollar flat; gold, crude both down >1%; bitcoin off >3%
U.S. 10-Year Treasury yield falls to ~4.22%
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NASDAQ DOWN, S&P 500 DIPS, DOW GAINS IN EARLY TRADE
Wall Street is struggling on Thursday to dust itself off and pick it self up after Wednesday's vicious sell-off. The S&P 500 .SPX is modestly red, though the Nasdaq .IXIC is down more than 1%.
Still the moves are relatively calm compared with Wednesday's tumble when the S&P suffered its biggest one-day percentage decline since December 2022 with a ~2.3% drop and the Nasdaq fell ~3.6%, its largest one-day drop since October 2022.
"Extreme crowding in and chasing of performance in mega-cap growth stocks has looked untenable for some time, but the timing of the reversal and the possible catalyst for it had been unclear," wrote Sameer Samana, senior global market strategist at Wells Fargo Investment Institute in an email comment on the market volatility.
"Some additional testing of support and trading sideways is probably needed before mega-cap growth stocks can right themselves, and we could see more weakness as fast money leaves the sector," Samana said.
Thursday's data crop showed that the U.S. economy grew faster than expected in the second quarter, but inflation subsided, leaving intact expectations of a September interest rate cut from the Federal Reserve.
However the latest earnings had investors running to the exits from some stocks with Ford Motor F.N off more than 15% after it reported late Wednesday that its second-quarter adjusted profit dipped as battles costly quality issues and an EV business that is weighing on its bottom line.
American Airlines AAL.O shares are up more than 1% after it cut its annual profit forecast, citing a sales and distribution strategy cut its annual profit forecast that drove away corporate travelers and hit its revenue. It also highlighted an excess domestic market capacity, which has undermined the industry's pricing power.
Shares in Edwards Lifesciences EW.N are tumbling more than 20% after it missed second-quarter revenue estimates on Wednesday, hurt by lower-than-expected demand for its artificial heart valves.
Among the S&P's 11 major industry sectors, the biggest gainer is real estate .SPLRCR, up >1%, while the biggest decliner is tech .SPLRCT, down ~2%.
Here is your early snapshot from 9:58 a.m ET/(1358 GMT):
(Sinéad Carew)
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FOR THURSDAY'S EARLIER LIVE MARKETS POSTS:
S&P 500 INDEX: AFTER SHARP SLIDE, SEEKING TO STABILIZE - CLICK HERE
WHAT'S UP WITH THE YEN? - CLICK HERE
WHY UBS LIKES BANKS - CLICK HERE
STOXX 600 DROPS TO 12-WEEK LOW AS EARNINGS FAIL TO IMPRESS - CLICK HERE
GLOBAL EQUITY SLUMP SET TO GATHER MOMENTUM IN EUROPE - CLICK HERE
STOCK ROUT SPREADS BEYOND TECH - CLICK HERE
Nasdaq, S&P 500 down again https://tmsnrt.rs/3LGooE0
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