David beats Goliath today.
The NASDAQ index has been the Goliath in 2024. The gains for the index reached close to 25%. That is huge – and it's only July.
Meanwhile, the small guy on the block, the small-cap Russell 2000 has suffered. Before today, the gain for the year was only 1% – 2%. When the NASDAQ rises by 25% and the small-cap Russell is only 1/2%, it might as well been negative.
Today, the Russell 2000 took out its slingshot and slay the Nasdaq giant.
The final numbers are showing:
- NASDAQ index fell -364.04 points or -1.95% to 18283.41. That was the worst trading day since April 30 and the fourth worst day for the year (the worst day was on January 31 with a decline of -2.23%)
- Russell 2000 Ross 73.28 points or 3.57% to 2125.03.. That was its best day of the year and the best day going back to November 14 when the index surged 5.44%
In between those extremes, the Dow Industrial Average rose, and the S&P index fell. The final numbers are showing:
- Dow Industrial Average average rose 32.39 points or 0.08% at 39753.76
- S&P index fell -49.37 points or -0.88% at 5584.55
- NASDAQ index fell -364.04 points or -1.95% at 18283.41
- Russell 2000+73.28 points or 3.57% at 2125.03
Of note is that although the S&P index fell, 7 of the 11 sectors actually rose with only four declining.
The losing sectors were led by
- Information technology sector which fell -2.74%
- telecommunications services also tumbled by -2.56%
- consumer discretionary fell 1.47%
The winners today included:
- Real estate surged 2.66%
- Utilities rose 1.84%
- Materials rose 1.49%.
- Industrials rose 1.24%.
- Energy rose 1.09%
Needless to say the Magnificent 7 did not have a good day after leading the market all through 2024:
- Tesla tumbled -8.44% after it delayed its Robo taxi press conference. The price is now slightly negative on the year after recent gains
- Meta Platforms fell -4.11%.
- Amazon fell -2.37%
- Nvidia fell -5.57%
- Alphabet fell -2.93%
- Apple snapped its seven-day went straight with a decline of -2.32%
- Microsoft fell -2.48%
David slayed Goliath today, but the giant still has some life and tomorrow may be another day. For what would make life worse for Goliath, CLICK HERE