Tech Stocks Lead Dow Jones Industrial Average To Largest Drop In Almost Two Years
Portfolio Pulse from Michael Juliano
Tech stocks led the Dow Jones Industrial Average to its largest drop in almost two years, with the index falling 2.6% and the S&P 500 shedding 3%. Major tech stocks like Intel, Apple, and Cisco saw significant declines. The SPDR Dow Jones Industrial Average and SPDR S&P 500 ETF Trust also fell. Investors are concerned about a weakening U.S. economy following a cooler-than-expected jobs report.
August 05, 2024 | 11:32 pm
News sentiment analysis
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NEGATIVE IMPACT
Apple Inc. slipped 4.82% to $209.27 amid broader tech stock declines.
Apple's decline reflects broader concerns in the tech sector and its influence on market sentiment.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 85
NEGATIVE IMPACT
Cisco Systems Inc. dropped 4.11% to $44.74, contributing to the tech sector's losses.
Cisco's decline is part of the broader tech sector sell-off, impacting investor sentiment.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Caesars Entertainment Inc. declined 6.90% to close at $33.20, leading losses on the S&P 500.
Caesars' significant drop highlights investor concerns about the broader market and economic outlook.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 75
NEGATIVE IMPACT
The SPDR Dow Jones Industrial Average ETF slipped 2.60%, reflecting the broader market decline.
The ETF's decline mirrors the overall drop in the Dow Jones Industrial Average, indicating market-wide concerns.
CONFIDENCE 60
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Etsy, Inc. fell 6.57% to close at $55.45, reflecting broader market concerns.
Etsy's decline is indicative of broader market concerns and investor sentiment.
CONFIDENCE 65
IMPORTANCE 55
RELEVANCE 65
NEGATIVE IMPACT
Intel Corp fell 6.38% to close at $20.11, leading the tech stock declines on the Dow.
Intel's significant drop indicates investor concerns about the tech sector and its impact on the broader market.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust fell 2.91%, in line with the broader market sell-off.
The ETF's decline reflects the overall drop in the S&P 500, indicating widespread market concerns.
CONFIDENCE 60
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Walgreens Boots Alliance, Inc. lost 6.62% to land at $10.72 amid market-wide declines.
Walgreens' decline is part of the broader market sell-off, reflecting investor concerns.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70