Wall Street's tech rotation poured cold water on July's stock market gains
Stocks closed out July expiration with a thud, as all three major indexes finished deep in the red amid a week-long rotation out of growth and tech names. The Dow fell 377 points, but still managed to eke out a weekly win. The same cannot be said for the S&P 500 and Nasdaq, both of which suffered their third-straight loss and logged their worst week since April 19. As investors weigh political uncertainty with the tech correction, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) logged its best week since March 2023.
Continue reading for more on today's market, including:
- What to do with CrowdStrike stock now?
- GoDaddy stock a short squeeze candidate.
- Plus, Netflix earnings; ARM bucks the selloff; and airline sector grounded.
5 Things to Know Today
- A massive real estate investment trust (REIT) initial public offering (IPO) looms. (MarketWatch)
- U.S. growth projections were upwardly revised today. (Bloomberg)
- Netflix stock ultimately end lower after earnings.
- Outperforming AI stock burns short sellers.
- Airline stocks have been struggling lately.
Oil Holds $80, Gold Snaps Weekly Win Streak
Oil prices fell victim to more demand concerns today, this time with China in mind. August-dated West Intermediate (WTI) crude shed $2.69, or 3.3%, to settle at $80.13 per barrel. For the week, black gold gave back 2.5%.
Gold prices was not immune to profit taking of its own today. August-dated gold futures dropped $52.60, or 2.2%, to settle at $2,403.80 an ounce for the day. For the week, the safe-haven asset lost 0.7%, halting its weekly winning streak at three.