2% Intraday Drop in US Nasdaq Index: Dow Jones, S&P 500 Also Decline

IconCryptoNewsTerminal Staff24 Jul, 2024

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2% Intraday Drop in US Nasdaq Index: Dow Jones, S&P 500 Also Decline

The US stock market Nasdaq index has witnessed a significant intraday decline, reaching a drop of 2.90%. This decline is accompanied by a 0.85% decrease in the Dow Jones Industrial Average and a 1.77% reduction in the S&P 500 Index. This intraday correction follows a recent period of volatility in the US stock market. Investors are closely monitoring the ongoing impact of macroeconomic factors, such as the rising inflation rate and the potential for interest rate hikes, on the market's performance. Analysts attribute the current decline to concerns over the potential impact of rate hikes on corporate earnings. As central banks consider raising interest rates to combat inflation, it could lead to increased borrowing costs for businesses, potentially affecting their profitability. The market's reaction to the intraday decline highlights the sensitivity of investors to economic news and the potential impact it could have on their investment portfolios.

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