US Stock Market Report – Tuesday Recap January 7th

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Samiat

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Nov 12, 2024
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US Stock Market Report – Tuesday Recap​

Market Overview:

  • The major US benchmark equity indexes closed lower on Tuesday, driven by declines in key technology stocks.
    • Nasdaq Composite: -1.9% to 19,489.7
    • S&P 500: -1.1% to 5,909
    • Dow Jones Industrial Average: -0.4% to 42,528.4
Sector Performance:

  • Technology: Biggest loser among sectors.
  • Energy and Health Care: The only sectors to close higher.
  • Materials: Remained little changed.

Top Stock Movements​

Decliners:

  • Nvidia: Fell 6.2%, the largest drop on the Dow and one of the worst performers on both the S&P 500 and Nasdaq.
  • Tesla: Declined 4.1%, among the steepest losses on the S&P 500.
  • Amazon, Microsoft, and Apple: Major contributors to the Dow's decline.
  • Alphabet and Netflix: Also ended the day lower.
  • Meta Platforms: Dropped 2% following an announcement to end its third-party fact-checking program in the US and introduce a personalized approach to political content.
Gainers:

  • Moderna: Best performer on the S&P 500, climbing nearly 12%.
  • Paychex: Rose 2.4% on news of its $4.1 billion acquisition of Paycor HCM to boost its AI capabilities.
  • Paycor HCM: Fell 3% following the acquisition announcement.

Summary​

Tuesday’s market downturn was largely attributed to steep declines in major tech stocks, particularly Nvidia and Tesla. While tech struggled, Moderna and Paychex emerged as bright spots.
 
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