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Stock Market News: Nasdaq Falls 3.6%
股市新闻：纳斯达克下跌 3.6%
The Dow and S&P 500 were also sharply lower.
道琼斯和标准普尔 500 指数也大幅下跌。
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24 July 2024 at 7:39 PM GMT-4
2024 年 7 月 24 日晚上 7:39 格林尼治标准时间-4
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The Nasdaq had its worst day since 2022 on Wednesday, and the rest of the market didn’t fare much better.
纳斯达克周三经历了自 2022 年以来最糟糕的一天，而其他市场的表现也不容乐观。
The Magnificent 7 stocks, as measured by the Roundhill Magnificent Seven exchange traded fund, fell into correction territory.
辉煌的 7 只股票，由 Roundhill Magnificent Seven 交易基金衡量，跌入修正领域。
The losses were due, in part, to earnings yesterday from Alphabet and Tesla that didn’t live up to Wall Street’s high expectations.
部分损失是由于谷歌母公司和特斯拉昨日的收益未达到华尔街的高预期。
Investors are also likely double-guessing their take on artificial intelligence and whether the massive investments will see the payoff they’ve imagined.
投资者也很可能在重新考虑他们对人工智能的看法，以及大规模投资是否会带来他们所想象的回报。
Former New York Fed President Bill Dudley, meanwhile, said the Federal Reserve should cut rates in July, sparking questions of whether there's weakness in some pocket of the economy that the markets are missing.
前纽约联邦储备银行行长比尔·达德利表示，美联储应该在 7 月份降息，引发了市场是否忽略了某些经济领域的弱点的质疑。
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6 hours ago
Tech stocks took it on the chin as investors faced a reality check on their artificial intelligence bets after tech earnings.
科技股遭受重创，投资者在科技收益公布后对其人工智能押注进行现实检验。
The Dow Jones Industrial fell 1.3% and the S&P 500 closed down 2.3%. The tech-heavy Nasdaq Composite fell 3.6%, marking its worst one-day loss since October 2022, according to Dow Jones Market Data.
道琼斯工业指数下跌了 1.3%，标普 500 指数下跌了 2.3%。科技股为主的纳斯达克综合指数下跌了 3.6%，创下自 2022 年 10 月以来的最大单日跌幅，根据道琼斯市场数据。
Big tech names collectively lost billions in market value after quarterly results from Alphabet and Tesla disappointed, kicking off the tech earnings season on a sour note. Google-parent Alphabet’s latest performance showed advertising growth is slowing. Its stock fell 5%. Tesla, meanwhile, offered a fourth straight quarter of disappointing earnings.
大型科技公司在谷歌母公司 Alphabet 和特斯拉公布季度业绩令人失望后，市值共同蒸发数十亿美元，拉开了科技收益季的序幕。谷歌母公司 Alphabet 的最新业绩显示广告增长放缓，股价下跌了 5%。与此同时，特斯拉连续第四个季度发布令人失望的业绩。
The bar for both of them was set high. Alphabet’s stock was up 15% in the three months before earnings while Tesla rose a whopping 70.29%. This offered little margin of safety for anything uncertain and made big tech shares susceptible to profit-taking.
两者的门槛都设置得很高。在盈利前的三个月里，Alphabet 的股价上涨了 15%，而特斯拉则飙升了 70.29%。这为任何不确定因素提供了很小的安全边际，使大型科技股容易受到获利回吐的影响。
The Magnificent 7 stocks, measured by the Roundhill Magnificent Seven exchange traded fund, fell into correction territory, as the fund lost 6.1% . Corrections aren’t always a bad thing. They can be seen as a healthy adjustment after a period of significant gains.
七大股票，由 Roundhill Magnificent Seven 交易基金衡量，跌入修正领域，该基金下跌了 6.1%。修正并不总是坏事。它们可以被视为在一段显著收益期后的健康调整。
The Nasdaq, which has seen 27 record highs this year, is still more than 500 points away from entering its own correction territory. Although, it might hit its biggest drop of the year tomorrow. It’s already down 7% from its peak on July 10, 2024. The largest peak to trough drop this year that it has to beat was 7.06% from April 11 to April 19.
纳斯达克今年已创下 27 个历史新高，但距离进入自己的修正领域还有超过 500 点。尽管明天可能会迎来今年最大的跌幅。自 2024 年 7 月 10 日高点以来已下跌 7%。今年需要超越的最大峰谷跌幅是 4 月 11 日至 4 月 19 日的 7.06%。
There’s room for investors to cast doubt and the Nasdaq to fall, especially on the artificial intelligence front.
投资者有理由怀疑，纳斯达克可能会下跌，特别是在人工智能领域。
Sundar Pichai, CEO of Alphabet, which spent $13 billion in capex in the latest quarter, said “there is a time curve in terms of taking the underlying technology and translating it into meaningful solutions across the board both on the consumer and the Enterprise side.”
谷歌母公司 Alphabet 的首席执行官桑达尔·皮查伊在最新一个季度的资本支出达到 130 亿美元，他表示：“在将基础技术转化为消费者和企业两方面的有意义解决方案方面，存在一个时间曲线。”
The questions is, are shareholders, plagued with short-termism, willing to wait that ‘time curve.’
问题是，备受短期主义困扰的股东们是否愿意等待那个“时间曲线”。
Updated 6 hours ago 6 小时前更新
The Nasdaq Composite’s losses accelerated in afternoon trading, with the tech-heavy index down nearly 3.5%.
纳斯达克综合指数在下午交易中的损失加剧，科技股为主的指数下跌近 3.5%。
That would make it the worst day for the index since December 2022, when it fell 3.2%.
这将使得该指数自 2022 年 12 月以来表现最糟糕，当时下跌了 3.2%。
Shares of EV maker Tesla are currently the worst performer in the Nasdaq 100. Advertising technology company Trade Desk comes in a close second. Alphabet’s latest performance showed that advertising growth is slowing down. Its stock was down 5%.
特斯拉电动汽车制造商的股票目前是纳斯达克 100 指数中表现最差的。广告技术公司 Trade Desk 紧随其后。谷歌母公司 Alphabet 最新的表现显示广告增长放缓。其股价下跌了 5%。
Three-fourths of all tech stocks in the Nasdaq 100 were down, too, on the sour sentiment.
纳斯达克 100 指数中四分之三的科技股票也受到了消极情绪的影响。
Oil futures snap a multi-day losing streak as the EIA reports bigger-than-expected drawdowns in crude oil and product stocks.
油价期货打破多日下跌趋势，因美国能源情报署报告显示原油和产品库存减少超出预期。
Crude stocks fell 3.7 million barrels in a fourth straight weekly draw, while gasoline stocks fell by 5.6 million barrels and distillate inventories were down by 2.8 million barrels. Gasoline demand rose by 673,000 barrels a day to 9.5 million b/d.
原油库存连续第四周下降 370 万桶，汽油库存减少 560 万桶，馏分油库存减少 280 万桶。汽油需求增加 67.3 万桶/日，达到 950 万桶/日。
"As long as refiners need to make more gasoline, they will have to buy more crude oil, the most important and fundamentally sound math in the oil space," Mizuho's Robert Yawger says in a note.
WTI settles up 0.8% at $77.59 a barrel and Brent rises 0.9% to $81.71. Gasoline settles up 1.5% at $2.4515 a gallon on Nymex.
8 hours ago
A measure of market volatility is seeing some big gains today.
市场波动率的衡量指标今天出现了一些大幅增长。
The Cboe Volatility Index, or the VIX, indicates the level of uncertainty in the market. It does that by tracking the price of options used to hedge against stock-market downturns.
芝加哥期权交易所波动率指数，即 VIX，表示市场的不确定性水平。它通过跟踪用于对冲股市下跌风险的期权价格来实现这一点。
When the VIX is high, it implies the tool used to hedge against downturns is expensive, indicating heightened concerns about potential market declines.
The VIX hit 18 on Wednesday and its on pace for its largest one-day percent gain in nearly a year and a half.
Today’s level shows the VIX gained too fast too soon, but in the grand scheme of things a level of 18 isn’t horrendous. The 10-year average of the VIX ending 2023 was 18.13, according to Dow Jones Market Data.
This suggests the stock market, at least as measured through the VIX, has been relatively calm this year.
Updated 9 hours ago 9 小时前更新
The Magnificent 7 stocks are taking it on the chin.
The big tech names— Apple, Amazon, Google-parent Alphabet, Nvidia, Facebook-parent Meta Platforms, Microsoft, and Tesla-- have collectively lost $649.1 billion in market value so far today.
If the stocks in the group close at current levels, it would be the largest one-day market value loss for this group on record, according to Dow Jones Market Data.
Today's losses add to what has been a terrible month for the Mag 7. They’ve lost $1.6 trillion in market value since July 10.
Two big reasons for the decline: Imminent rate cuts diminish the appeal of sticking with tech giants, as investors believe smaller companies with precarious balance sheets and high debt stand to gain. Recent tech earnings reports have only intensified this selloff.
10 hours ago
On the surface, it looks like a lot of selling. But some pockets of the market are getting favored.
The Utilities Select Sector SPDR Fund and iShares U.S. Healthcare exchange-traded fund were up 0.8% and 0.1%, respectively. Both sectors are defensive plays, in other words, safe spaces that investors think can survive economic downturns. People don’t typically cut back on utilities or delay essential healthcare procedures in tough times.
The Schwab U.S. Dividend Equity ETF, another defensive play, was up 0.3%.
While these may seem like minor gains, it's key to put them in context with the broader market. The Nasdaq was down 2.6%, the S&P 500 was down 1.6%, and the Dow was down 0.9%. Bottom line, it's risk off.
The Russell 2000 was falling on Wednesday, potentially indicating a pause in the early stages of a shift from megacaps to small-caps.
The index was down 0.4% shortly before noon.
It's key to put the decline in context. Over the last 11 trading days, the index has gained 10.13%, outperforming both the Nasdaq and S&P 500. Investors shifted money from tech to the smallest stocks, but there are questions about whether or not the trend will continue.
Today’s move puts the rally further in doubt, but it’s also important to note that the small-cap selloff is nowhere as bad as today's tech selloff. The Nasdaq has fallen 2.6% so far today.
“We still think, however, that this [sustained move to small caps] won’t happen until the bubble in the stock market bursts, which is something we don’t expect before the end of 2025,” wrote John Higgins, chief markets economist at Capital Economics.
10 hours ago
The Nasdaq Composite, the index representing the biggest tech companies, nosedived Wednesday.
The index was down 2.6%, its worst performance since July 17 when it fell 2.77%. The index is down 5 of the last 6 trading days, having fallen more than 5% over that span.
Growthy tech stocks are not feeling well after earnings from Alphabet and Tesla didn’t live up to expectations. Tesla stock had run up double-digits in the past three months, so the bar was high for the stock to sustain the momentum. Currently, its trading at $217.60, down 11.5%
The Dow was down 398 points, or 1%, while the S&P 500 slid 1.7%.
U.S. indicators point in different directions, but markets seem to focus on signs of cooling and Treasury yields remain subdued.
June new home sales fall by 0.6% while economists surveyed by the Wall Street Journal forecast a 3.4% growth. The supply of new homes for sale increases to 9.3 months from a downwardly revised 9.1 months in May. That's up from 7.7 a year ago.
Meanwhile, July's S&P Global Flash U.S. Composite PMI, which gauges activity in manufacturing and services, rose to 55, a 27-month high, from June's 54.8.
The 10-year yield is at 4.227%, off its intraday lows, and the two-year at 4.387%.