On Thursday, the tech-heavy benchmark Nasdaq Composite saw gains as it attempted to recover from its worst session since 2022.
While the S&P 500 gained 0.2%, the index increased by 0.7%. A 0.3% decline, or 133 points, was seen in the Dow Jones Industrial Average.
These actions follow the Nasdaq’s 2.8% decline in its worst day since December 2022, which saw it close below 18,000 for the first time since July 1. Due mostly to the tech companies included in the index, the S&P 500 fell 1.4%.
Nonetheless, the blue-chip Dow performed better than the other two indexes because it is less exposed to the IT sector. The 30-stock index closed above 41,000 for the first time ever, up 243.6 points, or 0.6%.
Wall Street has been selling off shares of the artificial intelligence stocks this year due to the increasing possibility of a rate reduction in September boosted market confidence.
Small-cap and more cyclical names, which are thought to benefit from lower borrowing costs, have benefited most from this.
Source (CNBC)
