Tech Rebound Fizzles on Wall Street

S&P 500 falls again, as does Nasdaq
By Newser Editors and Wire Services
Posted Jul 25, 2024 3:05 PM CDT
Tech Rebound Fizzles on Wall Street
An entrance to the New York Stock Exchange.   (AP Photo/Peter Morgan, File)

US stocks wavered Thursday as they tried to rebound from Wednesday's blowout losses. The Dow ended in positive territory, though both the benchmark S&P 500 and the tech-focused Nasdaq gave up early gains and finished in the red:

  • The S&P 500 fell 27 points, or 0.5%, to 5,399.
  • The Dow rose 81 points, or 0.2%, to 39,935.
  • The Nasdaq fell 160 points, or 0.9%, to 17,181.

Keeping the market in check were losses of 1.8% loss for Microsoft and 1.9% for Alphabet, per the AP. They were following up on sharp losses from a day earlier, when investors pummeled Big Tech stocks after profit reports from Alphabet and Tesla underwhelmed and raised concerns that the market's frenzy around artificial-intelligence technology had sent prices too high. IBM, meanwhile, was one of the biggest reasons for the Dow's climb—it rose 5% after delivering stronger profit and revenue than expected for the last quarter.

ServiceNow was the strongest forces pushing upward on the S&P 500. The company, whose platform helps businesses connect seemingly disjointed systems, jumped 15% after delivering stronger profit and revenue than expected. Airline stocks flew higher after American Airlines Group and Southwest Airlines both reported profits for the spring that topped analysts' expectations. American Airlines climbed 5%, and Southwest Airlines rose 6%. On the losing side of Wall Street was Ford Motor, which tumbled 18% after reporting profit that fell short of analysts' expectations.

(More stock market stories.)

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