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Rich Asplund

Stocks Reverse Sharply Lower as Tech Stocks Get Crushed

United States SP Dow Jones Industrials Nasdaq US Federal Reserve Bitcoin Inflation ECB Interest Rates Palo Alto Networks

The S&P 500 Index ($SPX) (SPY) on Thursday closed down by -1.56%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down by -0.84%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down by -2.38%.  December E-mini S&P futures (ESZ25) fell -1.56%, and December E-mini Nasdaq futures (NQZ25) fell -2.46%.

US stock indexes gave up an early rally on Thursday and sold off sharply, with the S&P 500 posting a 2.25-month low, the Dow Jones Industrials posting a 5-week low, and the Nasdaq 100 posting a 2-month low.  Megacap technology stocks and chip makers erased early gains on Thursday and retreated, dragging the overall market lower.  Selling in stocks intensified after hawkish Fed comments on Thursday dampened expectations for further rate cuts.

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