Day Traders Diary

7/18/24

The major averages are taking a hit all down over half a percent as more money comes out the tech sector. The Dow Jones Industrial Average is down around 500 points or 1.2% after rallying 1000 points the last two days. The S&P 500 fell over 30 points or 0.65% while the Nasdaq is down 83 points or 0.5%.

Tech continues to come under pressure this week. Nvidia is rebounding 2% while Meta is up 3%, but the rest of the big cap techs are weak.

Today's sell-off appears to be broader than tech alone. All but one of the 11 sectors that comprise the S&P 500 traded lower, while more than two out of every three Dow members also headed for losses.

Even the Russell 2000, which has been on a tear on hopes of a forthcoming interest rate cuts, fell over 2% today. Despite Thursday's declines, the Russell 2000 has jumped 7% in the last five trading days.

The other averages are not as lucky. The Nasdaq has slipped more than 4% in the last week, underscoring the bigger theme of traders rotating out of tech. The S&P 500 is down over a percent for the week. The Dow is the only other major index tracking for week-to-date gains with an advance of more than 2%.