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Tech Slump and Earnings Misses Weigh on US Stocks Ahead of Fed Decision 

um editor

UM Editor

July 31, 2024 at 11:05 am

US stocks erased early gains as declines in heavyweight chip companies pressured tech-exposed equity indices. The S&P 500 fell 0.50% and the Nasdaq dropped 1.31%, reaching its lowest level in nearly two months. Meanwhile, the Dow gained 203.4 points (0.50%), extending its outperformance over tech-heavy counterparts, supported by banks and insurers. Markets were assessing recent data and gearing up for the Federal Reserve’s policy decision on Wednesday. 

Nvidia (NVDA.US) dropped 7.04%, triggering widespread selling pressure on other semiconductor giants and extending the sector’s period of weakness. In addition, Microsoft’s (MSFT.US) quarterly earnings rose close to 10%, but Azure cloud revenue missed projections. Consequently, the company’s stock dropped 6% after the closing bell. 

Following their earnings reports, Merck (MRK.US) tumbled 9.81% while Procter & Gamble (PG.US) fell 4.84%. These steep losses in blue-chip stocks weighed heavily on the broader market’s performance. 

(S&P 500 Index Monthly Chart) 

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