July 19, 2024: Updates on Stock Market Events

Recent Market Updates

Stocks concluded Friday’s session in the red, with the Dow losing more than 370 points. The S&P 500 and Nasdaq Composite also shed about 0.7% and 0.8%, respectively. While the Dow was the only index to register gains for the week, adding 0.7%, the S&P 500 and Nasdaq dropped about 2% and 3.7%, respectively.

This week saw mega-cap technology stocks continue to drag down the Dow, with names like Amazon, Intel, Microsoft, Apple, and Salesforce leading the losses. However, UnitedHealth Group led the pack among the Dow’s constituents with nearly an 11% gain for the week.

In other market news, UBS recommended reducing dollar exposure as the U.S. dollar index is up nearly 3% in 2024. Bitcoin hit its highest level in a month, moving 4.5% higher to $66,496.40. And CrowdStrike faced its worst week since November 2022 after a major IT outage caused a 16% drop in its stock.

Overall, the market remains turbulent with various factors influencing stock movements. Stay tuned for more updates on market trends and news.

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