Live Nasdaq Composite: Markets Turn South as Tech Stocks Stumble in Sudden Reversal

The post Live Nasdaq Composite: Markets Turn South as Tech Stocks Stumble in Sudden Reversal appeared first on 24/7 Wall St..

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Amazon

17 minutes ago

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Amazon (NASDAQ:AMZN) shares are under pressure Monday, shedding nearly 5%, even as Prime Day projections paint an upbeat picture for the retail event. U.S. online spending during Prime Day is expected to climb 9% to $26.3 billion, driven by demand for discounted back-to-school and household goods, with Amazon on track to capture roughly 60% of total U.S. online spending during the event, its strongest share since 2019, per Bloomberg.

BofA's Hawkish Call

1 hour ago

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Bank of America is making one of the more hawkish rate calls on Wall Street, projecting the Federal Reserve will raise rates three times before year-end, with quarter-point increases expected in September, October, and December that would push the benchmark rate to a range of 4.25% to 4.50%. Analysts do not see cuts resuming until 2028, a timeline that, if accurate, would represent a significant tightening cycle landing on top of an already rate-sensitive market.

This article will be updated throughout the day, so check back often for more daily updates. 

Markets are taking a step forward Monday after Thursday’s broad-based surge, with the Nasdaq Composite trading near the flatline. Wall Street is shifting its attention to Iran war negotiations and a key inflation reading due later in the week. The S&P 500 is advancing modestly, up 0.2%, while the Dow is adding 201 points, or 0.4%, as the session’s tone reflects cautious optimism after last week’s impressive comeback, when the Nasdaq jumped 1.9%, the S&P 500 climbed 1.1%, and the Russell 2000 led the charge with a 2.1% gain.

Oil is the macro story setting the tone, with Brent crude slipping 1.6% to around $79.30 a barrel and WTI pulling back to near $76 after mediators Qatar and Pakistan confirmed that U.S. and Iranian officials have agreed on a roadmap to reach a final deal within 60 days.

Micron Technology (NASDAQ:MU) is standing out as one of the session’s early bright spots, adding around 5% as investors position ahead of the chipmaker’s quarterly report due Wednesday after the bell. SpaceX (NASDAQ:SPCX) is moving in the opposite direction, shedding more than 5% and on pace for its third straight daily decline as some of the post-IPO euphoria continues to unwind.

Here’s a look at where things stand as of pre-morning trading:

Dow Jones Industrial Average: 51,840 Up 0.54%
Nasdaq Composite: 26,517 Flat
S&P 500: 7.526 Up 0.35%

Market Movers

The post Live Nasdaq Composite: Markets Turn South as Tech Stocks Stumble in Sudden Reversal appeared first on 24/7 Wall St..