June 13, 2024

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Nasdaq Showing Significant Rebound But Dow Seeing Further Downside

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Following the sharp pullback seen over the two previous sessions, the major U.S. stock indexes have moved in opposite directions in morning trading on Friday.

While the tech-heavy Nasdaq is showing a significant rebound, the Dow has fallen to its lowest intraday level in five months.

Currently, the Nasdaq is hovering near its best levels of the day, up 124.36 points or 1.0 percent at 12,719.97. The S&P 500 is also up 8.83 points or 0.2 percent at 4,146.06, but the Dow is down 92.33 points or 0.3 percent at 32,691.97.

The jump by the Nasdaq partly reflects a positive reaction to earnings news from Amazon (AMZN), with the online retail giant spiking by 7.7 percent after reporting better than expected third quarter results.

Semiconductor giant Intel (INTC) has also soared by 10.0 percent after reporting third quarter results that exceeded analyst estimates and providing upbeat guidance.

Meanwhile, a steep drop by shares of Chevron (CVX) is weighing on the Dow, as the energy giant is plunging by 5.4 percent after reporting third quarter earnings that missed analyst estimates.

Traders are also digesting a Commerce Department report showing its reading on consumer prices rose by 0.4 percent in September, matching the increase in August. Economists had expected prices to rise by 0.3 percent.

Excluding food and energy prices, core consumer prices increased by 0.3 percent in September after inching up by 0.1 percent in the previous month. The core price growth matched economist estimates.

The annual rate of consumer price growth was unchanged at 3.4 percent, while the annual rate of core consumer price growth slipped to 3.7 percent in September from 3.8 percent in August. Both year-over-year readings matched expectations.

“Despite the larger than expected monthly increase in core prices, the Fed is widely expected to keep the federal funds rate unchanged at the conclusion of their regularly scheduled meeting next Wednesday,” said Sam Millette, Senior Market Strategist for…

2023-10-27 10:43:17

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