US Stock Futures Slide After Record Highs and Tech Pullback
Market comment on behalf of Michael Gelpke, CEO at Glam Properties
July 17, 2024 (Investorideas.com Newswire) On Wednesday, the US stock indices opened with mixed performances following record highs. The S&P 500 and Nasdaq recorded price corrections on profit-taking while the Russell 2000 gained after a 3.5% increase yesterday, marking a five-day winning streak. This broadening market rally is driven by traders' optimism about potential interest rate cuts, which are expected to benefit small-cap stocks and companies with higher financing costs. Investors fully priced a rate cut in September and three cuts in total this year, as more Fed members delivered dovish comments.
Tech stocks like Apple, Nvidia and Meta dropped, signaling a pullback from mega-cap technology stocks. US-listed shares of Taiwan Semiconductor lost ground after Trump’s comments on Taiwan’s security. ASML, which sells semiconductor equipment for chipmakers, sank despite better-than-expected quarterly results. This decline followed a report that the Biden administration is considering tougher trade restrictions if companies like ASML continue to make their technology available to China. As a result, the technology sector could remain exposed to the political developments in the US and the uncertainty surrounding the upcoming elections.
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