Nasdaq and S&P lower. Dow holds on to a small gain.

The major US stock indices Indices Stock market indices represents an index that measures a particular stock market or a segment of the stock market. These instruments are important investors as they help compare current price levels with past prices to calculate market performance.The main two parameters for indices are that they are both investable and transparent. For example, investors can invest in a stock market index by buying an index fund, which is structured as either a mutual fund or an exchange-traded fund, and track Stock market indices represents an index that measures a particular stock market or a segment of the stock market. These instruments are important investors as they help compare current price levels with past prices to calculate market performance.The main two parameters for indices are that they are both investable and transparent. For example, investors can invest in a stock market index by buying an index fund, which is structured as either a mutual fund or an exchange-traded fund, and track Read this Term are closing near there lows. The S&P and the NASDAQ NASDAQ The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass Read this Term index both closed lower on the day and snap their 3 day win streak. The Dow industrial average eked out a small gain extending its win streak to 4 trading days (but just barely).

A look at the final numbers shows:

• Dow industrial average is closing up 2.35 points or 0.01% at 31839.12
• S&P index is down -28.51 points or -0.74% at 3830.59
• NASDAQ index is down -228.11 points or -2.04% at 10971.00
• Russell 2000 is up 8.17 points or 0.46% at 1804.33

The lower yields in the US tried to help the price rebounded intraday. In addition Bank of Canada's rate hike of 50 basis points which was less than the 75 expected helped. However the headwinds from major big caps including Microsoft (-7.72%), Google (-9.65%), and Boeing (-8.70%) was just too hard to overcome. Apple fell -1.92% and Amazon fell by -4.10%. Both will announce their earnings after the close tomorrow.

After the NASDAQ bounced up 11% over 8 trading days, why does the 2% decline today seem like the rally is already over and the major indices will rotate back to the downside?

Maybe it is that the old diehards like Microsoft, Google, Apple, Meta and Amazon are all reaching the point where earnings and revenue growth just can't keep on going up at above double digit levels anymore. The rule of high numbers is weighing on all, which has the impact of lowering multiples as earnings growth moderates at the same time. That is not good news for those stock prices.