Nasdaq ends sharply lower as investors rotate out of Big Tech

Quick Summary:

The Nasdaq ended sharply lower on Thursday, hit by losses in Nvidia, Apple and Tesla as investors rotated into smaller companies after softer-than-expected inflation data fed bets the Federal Reserve will cut interest rates in September.

BofA Global Markets raised its price target for Apple, saying it expects strong iPhone sales driven in part by new AI features.

Interest rates futures suggest traders see an over 90% chance the Fed will cut rates by its September meeting, up from about 74% on Wednesday, according to CME Group's Fedwatch.

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Category: EconomyBusiness

Markets: Malaysia

Topics: /Business/ MarketVolatility Nasdaq InterestRates SmallCaps InflationData Markets TechStocks FedRateCut

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-12 @ 07:19:00 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 622 words

Reading Time: 4 minutes read

Sentences: 26 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Star

News ID: 21579351

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Main Topics: EconomyBusiness

Official Website: thestar.com.my

Year Established: 1971

Headquarters: Malaysia

News Last Updated: 1 days ago

Coverage Areas: Malaysia

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News Language: English

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Publisher ID: #22

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