S&P, Nasdaq end lower in fickle trading, megacap trend uncertain
US economic growth regains steam in Q2; inflation slows
Ford slumps as higher costs, EV unit dent profit growth
IBM gets boost from software, AI demand, as consulting slips
Gains for small-cap indexes Russell 2000 and S&P Small Cap 600
Indexes: Dow up 0.2%, S&P down 0.51%, Nasdaq 0.93% lower
Updates with closing prices
By David French
July 25 (Reuters) - The S&P 500 and Nasdaq Composite ended a fickle session weaker on Thursday, failing to regain ground lost in the previous day's tech-triggered sell-off as investors grappled with the likely direction of megacaps.
The Dow Jones Industrial Average hung onto earlygains to close higher on stronger-than-expected U.S. gross domestic productdata.
Small-cap stocks also rose as investors sought out value away from the megacaps, with the Russell 2000 .RUT rising 1.3% to partially recoup some of Wednesday's losses.
Megacap stocks recovered from a shaky start to trade higherat mid-afternoon but many slippedlater, with Meta Platforms META.O Microsoft MSFT.O and Nvidia NVDA.O ending between 1.7% and 2.4% down.
Alphabet's GOOGL.O shares fell for a second straight day, dipping 3.1% to its lowest close since May 6, but Tesla TSLA.O rose. Lackluster earnings from the Google parent and the electric vehicle maker had pummeled the so-called Magnificent Seven group of tech stocks on Wednesday, prompting the Nasdaq .IXIC and S&P 500 .SPX to log their worst day since 2022.
The Cboe Volatility Index .VIX, known as Wall Street's fear gauge, extended its recent gains to close at 18.46, a fresh 14-week high.
"I think the market is kind of lurching," said Yung-Yu Ma, chief investment officer at BMO Wealth Management. "The concern had been building and yesterday was a bit of a crescendo of that concern, but some of that has been alleviated today."
While investors are still trying to grapple with Wednesday's disappointing earnings reports, and political and economic uncertainty, Ma said ultimately recent data shows a resilient U.S. economy.
Thursday's GDPreport showed the U.S. economy expanded 2.8% in the second quarter versus an estimate of 2%. Inflation subsided, leaving expectations of a September Federal Reserve interest rate cut intact.
All eyes are now on Friday's personal consumption expenditures price data to confirm bets of an early start to Fed rate cuts.
While heavyweight stocks have powered the market to all-time highs this year, Wednesday's sell-off reinforced fears that these stocks might be over-stretched and are in for more turbulence.
This concern has driven value investors, speeding up their rotation into smaller-cap stocks and other sectors outside megacap technology.
The S&P Small Cap 600 .SPCY rose 1.4% on Thursday.
The S&P 500 .SPX lost 27.91 points, or 0.51%, at 5,399.22 points, while the Nasdaq Composite .IXIC fell 160.69 points, or 0.93%, to 17,181.72. The Dow Jones Industrial Average .DJI rose 81.20 points, or 0.20%, to 39,935.07.
Among earnings-driven moves, IBM IBM.N shares jumped 4.3%, also boosting the blue-chip Dow, after the tech company beat estimates for second-quarter revenue and raised the annual growth forecast for its software business.
American Airlines AAL.O rose 4.2% aftercutting its annual profit forecast. Southwest Airlines LUV.N climbed 5.5% aftersaying it would implement changes including ending open seating and offering seats with extra legroom.
Advances by airlines and logistics firms, withOld Dominion ODFL.O up 5.7% andJ B Hunt JBHT.O rising 4.3%, helped the Dow Jones Transportation Average .DJT gain 1.3%.
Ford F.N slumped 18.4% afterthe automaker's second-quarter adjusted profit missed estimates by a wide margin. Edwards Lifesciences EW.N tumbled 31.3% afterit missed second-quarter revenue estimates.
Volume on U.S. exchanges was 13.23 billion shares, compared with the 11.60 billion average for the full session over the last 20 trading days.
S&P500 breaks calm streak with 2%+ drop https://tmsnrt.rs/3A8anwg
Reporting by Ankika Biswas, Lisa Pauline Mattackal and Medha Singh in Bengaluru and David French in New York; Editing by Savio D'Souza, Saumyadeb Chakrabarty, Pooja Desai and Richard Chang
免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料,僅適用於教育/資訊類用途,不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議,或是交易價格紀錄,或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。