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☆ What lower rates mean for markets
▼ + stars: | 2024-09-20 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

The Fed on Wednesday lowered interest rates, marking the first rate cut since March 2020. A decline in interest rates should, theoretically, mean good news for the stock market. The Fed likely won’t take rates lower as aggressively as they were raised, unless the economy takes a downturn and necessitates loose economic conditions. While mortgage rates and bond yields have begun drifting lower, companies and consumers still might not feel the effects of lower rates right away. But investors with outsized positions in Big Tech stocks should eye beaten-down areas of the market that benefit from lower interest rates, says Diton.

Persons: Dow, Jerome Powell, ”, Jeff Buchbinder, Powell, Eric Diton Organizations: New, New York CNN, Federal, Fed, Nasdaq, LPL, Wealth Alliance, Tech, Meta, Apple, Big Locations: New York, Big Tech

☆ ‘Billions’ of golf balls could be lost every year. Where do they end up?
▼ + stars: | 2024-09-19 | by ( Jack Bantock | ) edition.cnn.com time to read: +20 min

Found Golf Balls CEO Shaun Shienfield, whose company recovers and resells millions of lost balls across the US and Canada each year, told CNN that he gauged the average to be between three and four each round. Using Shienfield’s low estimate, that’s over 1.5 billion balls lost in the US every year since 2020. “While precise global estimates are challenging … the worldwide figure could easily exceed 3 to 5 billion golf balls lost each year,” Petersen told CNN. Mitchell Schols, founder of Canada-based Biodegradable Golf Balls, put a “very conservative” estimate for North America at one million balls lost to oceans annually. One UK-based man told CNN in 2015 that he could earn up to £100,000 (about $114,000) annually by diving to retrieve golf balls from lakes on golf courses.

Persons: Woods, Jonathan Ferrey, Shaun Shienfield, Torben Kastrup Petersen, ” Petersen, Loch, Cam Bauer, fairways, Jae C, Paula Gallani, Jack Taylor, Bonifas, Paul Barker, Alex Livesey, Josh Noel, Richard Heathcote, Sam Greenwood, Mohammed Afzal Abdul Afghanistan'shas, Mohammed Afzal Abdul, Shah Marai, Africa's, Alf Caputo, Mi Jung Hur, Michael Cohen, Matthew Savoca, Davis, Alex Weber, Savoca, Weber, Jack Johnston, Ezra Shaw, ” Savoca, “, there’s, ”, Mitchell Schols, Petersen, Kevin C, Cox, Schols, Albus Golf, ” Schols, Jared C, Tilton, “ I’m Organizations: CNN, United States Golf Association, National Golf Foundation, Danish Golf Union, La, Don Mueang International Airport, Getty, Chicago Tribune, Tribune, Service, La Paz Golf Club, AFP, Soviet Army, Kenya, Ladies European, Indy Women, Tech, University of California, Carmel High School, Monterey Bay National, National, Canada, North America, “, USGA, Pebble Beach Resorts Locations: Pebble Beach , California, Stillwater, Monterey , California, Canada, Greenland, Norway, Hawaii, France, Bangkok, Don, AFP, North, South Korea, Washington, Uummannaq, Coeur D'Alene, Death Valley , California, South Carolina, Bolivia, Kabul, Kenya, Australia, Ceduna, Kalgoorlie, Monterey Bay, Pebble Beach, Cypress Point, Carmel, California, Monterey, Japan, England, Germany, America, –, Spanish, London, Florida

☆ Stocks jump Thursday after Federal Reserve’s jumbo-sized rate cut
▼ + stars: | 2024-09-19 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —Stocks jumped Thursday morning as investors cheered the Federal Reserve’s eye-popping half-point interest rate cut. Tech stocks surged: Nvidia shares popped 4.8%, Tesla shares gained 5.4%, Meta Platforms shares rose 3.5% and Apple shares climbed 3.5%. The Fed on Wednesday cut rates by half a point, marking its first rate cut since the onset of the Covid pandemic and bringing rates down from a 23-year high. A large rate cut can be a double-edged sword for the economy. The Fed faced pressure to cut rates in July but held steady instead.

Persons: New York CNN — Stocks, Tesla, Jerome Powell, ”, Ronald Temple, Powell Organizations: New, New York CNN —, Dow, Nasdaq, Tech, Nvidia, Meta, Apple, Fed, Lazard Locations: New York, August’s

The Marriner S. Eccles Federal Reserve building in Washington, DC, on June 25. Ting Shen/Bloomberg/Getty ImagesAfter all the hype that’s been brewing for over a year, you might think that once the Federal Reserve finally cuts interest rates the economy will look and feel completely different. Sure, the stock market could have some big swings the second the Fed releases its interest rate decision at 2 pm ET on Wednesday and when Fed Chair Jerome Powell speaks a half hour later. Mortgage rates and the interest rates Americans pay on a variety of loans will quickly drop as well. That’s because when the Fed lowers or raises rates, it takes a while for the full effect of those moves to be felt across the economy.

Persons: Ting Shen, there’s, Jerome Powell, Milton Friedman, Read Organizations: Eccles Federal Reserve, Bloomberg, Federal Reserve, Fed Locations: Washington ,

☆ These Americans are trying to make ‘underconsumption core’ trendy
▼ + stars: | 2024-09-07 | by ( Krystal Hur | ) edition.cnn.com time to read: +8 min

Enter underconsumption core, or a lifestyle that involves using just a small rotation of things for years rather than chasing the latest trend. Users are posting videos on TikTok showing off their underconsumption core lifestyles, with many receiving hundreds of thousands of likes. Experts say the underconsumption core trend isn’t just about maintaining a budget or wanting to get rid of stuff. Still, Americans are spendingDespite the underconsumption core trend’s popularity, spending in the US remains strong overall. Suzanne Lambert, a 32-year old consultant based in Virginia, says she canceled her subscription to a beauty box after watching underconsumption core videos.

Persons: “, ”, Megan Doherty Bea, Bea, Stanley, Diana Wiebe, Wiebe, ’ ”, Nikki Baird, Katrina Leibee, Leibee, ♬, Norah Jones Eleanor, Eleanor, June’s, Suzanne Lambert, Lambert, Scott Rick, Rick Organizations: New, New York CNN, University of Wisconsin - Madison, Savings, Kohl’s, ‘, Denver, CNN, Commerce Department, University of Michigan’s Ross School of Business Locations: New York, United States, Ohio, Utah, West Africa, Arlington , Virginia, Virginia

☆ OPEC+ extends oil output cuts again through November
▼ + stars: | 2024-09-05 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

This isn’t the first time OPEC+ has extended output cuts in a bid to boost crude prices. That same month, OPEC+ extended a cut of 1.65 million barrels per day announced in April 2023 until the end of 2025. Oil prices rose initially but settled slightly lower Thursday. Oil prices have declined this year despite continued output cuts and ongoing geopolitical tension in the Middle East. In June, the International Energy Agency said that a glut of oil supply could weaken the sway OPEC+ has over oil prices.

Persons: — Organizations: New, New York CNN, of, Petroleum, West Texas, Brent, International Energy Agency, IEA Locations: New York, OPEC, China, United States

☆ Why investors are on edge ahead of Friday’s jobs report
▼ + stars: | 2024-09-05 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

New York CNN —Wall Street is eyeing what could be the most consequential economic data report in months due out Friday. At the same time, Wall Street is looking for signs that the job market is cooling steadily, rather than plummeting into conditions for a recession. That uncertainty has been palpable in recent days as Wall Street parsed several economic reports before Friday’s main event. Big Tech shares gained Thursday, but suffered steep losses earlier this week. Tesla, the only Magnificent Seven tech stock up for the week, has jumped 7.5%.

Persons: That’s, Jerome Powell, “, ”, Christopher Larkin, Morgan, Stocks, Dow, BeiChen Lin, Tesla Organizations: New, New York CNN, Federal Reserve, Nasdaq, Institute for Supply Management, “, Russell Investments, Big Tech, Apple, Meta, Microsoft, Organization of, Petroleum Locations: New York, China

☆ Stocks gain after Fed’s Powell hints rate cuts are coming
▼ + stars: | 2024-08-23 | by ( Krystal Hur | ) edition.cnn.com time to read: +3 min

New York CNN —Stocks rose Friday morning as Wall Street cheered a signal from Federal Reserve Chair Jerome Powell that long-awaited interest rate cuts are finally coming. Powell said that “the time has come” to ease rates, currently perched at a 23-year high, at a key economic summit in Jackson Hole, Wyoming. He also noted that the labor market has cooled enough not to pressure inflation higher and that the central bank does not want to see more weakening in job market conditions. Some officials also fretted that the softening labor market could weaken considerably if policy stays restrictive for too long. Recent data has shown that US job growth was weaker than previously estimated in the 12 months leading up to March.

Persons: Stocks, Jerome Powell, Powell, there’s, ”, Jack Janasiewicz Organizations: New, New York CNN, Federal, Dow, Nasdaq, Labor Statistics, Solutions, National Association of Realtors, Target, Boeing Locations: New York, Jackson Hole , Wyoming

☆ With Hunter Biden on trial, special counsel spending grows
▼ + stars: | 2024-08-23 | by ( Katelyn | ) edition.cnn.com time to read: +3 min

CNN —Special counsel David Weiss’ office spent a total of $3.4 million over the past six months, a dramatic increase as it took Hunter Biden to trial in Delaware on gun-related charges and secured a conviction of the president’s son. Spending by two other Justice Department-appointed special counsels, Jack Smith and Robert Hur, decreased slightly compared with the six months prior. The disclosures come as courts have upped their scrutiny of special counsel office operations. Hunter Biden and another defendant in a separate criminal case have so far been unsuccessful in attempting to challenge special counsel Weiss’ authority. Challengers including Trump have argued that shouldn’t be allowed because Congress didn’t specifically sign off on the special counsel offices.

Persons: David Weiss ’, Hunter Biden, Weiss, Weiss ’, Jack Smith, Robert Hur, — Hunter Biden, Donald Trump —, Hur, Biden, Smith, shouldn’t Organizations: CNN, Department, Trump Locations: Delaware, Florida, Washington, DC, California

☆ Markets saw a massive shift this week. Here’s what happened
▼ + stars: | 2024-08-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

New York CNN —After a prolonged period of calm, financial markets went into a tailspin this week. One trigger for the selloff was the unraveling of the Japanese yen carry trade. Some investors say there could be more volatility to come, particularly since it’s unclear how much more the yen carry trade could unwind. The carry trade is “enormous. The unwinding of the carry trade and weak labor data came at a delicate time rife with uncertainty for Wall Street.

Persons: Wharton, Jeremy Siegel, Siegel, ”, Steve Sosnick, Joe Biden, Donald Trump, Dow, Liz Young Thomas Organizations: New, New York CNN, Nikkei, Dow, Nasdaq, Bank of Japan, Companies, Federal Reserve, Investors, CNBC, Interactive Brokers, Markets, Republican, Home Depot, Walmart Locations: New York, Israel, Ukraine, Russia

CNN —Ukrainian forces are pushing further into the Kursk region of Russia, in a cross-border incursion that surprised even American officials, multiple US and Ukrainian officials tell CNN. Ukrainian forces are comprised of a mix of Ukrainian regular and special operations units, unlike previous Ukrainian operations inside Russia that often involved undercover units and local sympathizers. Russia claimed on Thursday to have halted a Ukrainian incursion into its territory, but later said that some battles are ongoing in the Kursk region. Neither the Ukrainian military nor the government in Kyiv has publicly commented on the operation. A Russian military blogger Rybar reported on Wednesday that the Ukrainian military had established control over a gas transit station near the border.

Persons: Vladimir Putin, “ Sudzha, wasn’t, Alexei Smirnov, ”, Hochu, “, Kozak, Mick Ryan, Peter Stano, Karine Jean, Pierre, Biden, ” Jean, …, Niu York, HUR, Rybar, CNN’s Mariya Knight, Olga Voitovych Organizations: CNN, Russian Ministry of Defense, Russian Federal Security Service, Russian Defense, Telegram, Russian Ministry of Health, ., Federal Medical, Biological Agency, TASS, Reuters, Russian Defense Ministry, Futura, Institute for, Kyiv, Suspilne, Kyiv “, Ukraine Military Intelligence, LB, European Union, EU Locations: Kursk, Russia, Russian, Ukraine, Korenevsky, Ukrainian, Sudzhansky, Sudzha, Malaya Loknya, Kyiv, ”, Russia’s Kursk, Moscow, Pokrovsk, Niu, Toretsk, Europe

☆ Stocks close lower as Wall Street struggles to stage a comeback
▼ + stars: | 2024-08-07 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —US stocks wavered Wednesday, giving back earlier gains as investors tried to recover from the week’s bruising losses. The Dow fell 234 points, or 0.6%, after gaining more than 400 points earlier in the day. CNN’s Fear & Greed Index, which measures seven barometers of market sentiment, closed in “extreme fear” territory. The Cboe Volatility Index — Wall Street’s fear gauge — which measures bets on expected stock market volatility, fell to 27. The Magnificent Seven companies lost $615.6 billion in value on Monday, according to S&P Global data.

Persons: Dow, ”, Sean Frank Organizations: New, New York CNN, Nasdaq, . West Texas, Brent, Dow, Cloud Equity Group Locations: New York, Japan

mapodile/E+/Getty ImagesFor individual investors, the quick-turn global rout in stocks on Monday was unsettling, even with news Tuesday that there is somewhat of a bounce-back going on. But if you’re investing in a 401(k), daily market dramas are no reason to take dramatic actions with your portfolio. Andy Smith, executive director of financial planning at Edelman Financial Engines, puts it this way: “Separate your emotion from your money. Say you set up a portfolio of 70% stocks and 30% bonds but now it’s morphed into a 60/40 portfolio. And remind yourself periodically that even bear markets have not stopped the long-term increases in stocks over time.

Persons: you’re, ” Quincy Krosby, Andy Smith, it’s, Smith Organizations: LPL, Edelman

☆ Satellite images show long-range strikes destroyed a Russian aircraft that can drop glide bombs, Ukraine says
▼ + stars: | 2024-08-05 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

Read previewUkraine on Monday said it destroyed a Russian warplane capable of launching devastating glide bombs in long-range strikes on an airbase over the weekend. AdvertisementUkraine's military intelligence agency published a satellite image showing what it says is a destroyed Russian Su-34 aircraft. Glide bombs are equipped with special kits that convert dumb bombs into precision-guided munitions. The glide bombs are almost impossible to intercept because they have small radar signatures, travel on non-ballistic trajectories, and have fairly short flight times. Ukraine's military intelligence agency published a satellite image showing what it says are damaged Russian Su-34 aircraft.

Persons: —, HUR, Russia's Su, Russian Su, Volodymyr Zelenskyy, Zelenskyy Organizations: Service, Business, Ukrainian, Directorate of Intelligence, Army Tactical Missile Systems Locations: Ukraine, Kyiv, Russian, Ukrainian

☆ Stephen Nedoroscik’s legend grows with Olympic bronze on pommel horse
▼ + stars: | 2024-08-03 | by ( Dana O'Neil | ) www.nytimes.com time to read: +2 min

Nedoroscik sat in the agonizing bronze-medal position with one more competitor to go in the pommel horse final, unable to do anything but sit and watch. The set up was an about face from Nedoroscik’s hero-making turn during the men’s team final. Then the pommel horse specialist waited the entire meet before performing his routine, the last man up on any apparatus. Stephen Nedoroscik finishes his pommel horse routine in the final and the crowd goes WILD! Ireland’s Rhys McClenaghan, the gold medalist, is a two-time World Champion and Max Whitlock of Great Britain has won the last two Olympic golds on pommel horse.

Persons: PARIS, Stephen Nedoroscik, Nedoroscik, Hur Woong, Rhys McClenaghan, Nurmiman Kurbanov Organizations: U.S

☆ Dow dives more than 800 points after July jobs report misses expectations
▼ + stars: | 2024-08-02 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

New York CNN —Stocks slid Friday as a disappointing jobs report added to fears that the US economy is weakening. Stocks have also whipsawed in recent days as investors also digested the Federal Reserve’s July policy meetings and Big Tech earnings reports. Big Tech earningsInvestors have also parsed a mixed bag of Big Tech earnings this week. Shares of Apple, which reported in-line earnings but missed sales expectations Thursday evening, are up 2.1%. Investors have in recent weeks moved out of the Magnificent Seven tech stocks that powered the market to repeated record highs this year.

Persons: Stocks, Dow, That’s, ”, David Russell, Jerome Powell, ” Powell Organizations: New, New York CNN, Nasdaq, of Labor Statistics, Institute for Supply Management, Big Tech, Federal Reserve, Microsoft, Apple, Amazon, Meta, Intel Locations: New York, tamping

☆ Dow tumbles more than 550 points as investors fear the US economy is faltering
▼ + stars: | 2024-08-01 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —Stocks tumbled Thursday after fresh data stoked fears that the US economy is weakening as interest rates stay at a 23-year high. Wage growth is running at a cooler pace and the unemployment rate is now at its highest point in more than two years, at 4.1%. Investors will get their next look at the state of the economy on Friday morning from the July jobs report. Economists polled by FactSet project a net gain of 175,000 jobs — a touch below the average for the past three months — and for the unemployment rate to hold steady. Powell said Wednesday that any significant weakening in the job market would be concerning.

Persons: Stocks, Dow, “, Jerome, Powell, ”, Chris Zaccarelli Organizations: New, New York CNN, Nasdaq, Labor Department, Independent, Alliance, ”, Fed, Investors Locations: New York

☆ Bill Ackman won’t raise anything close to what he planned for his hedge fund IPO
▼ + stars: | 2024-07-30 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —Bill Ackman, billionaire hedge fund manager and chief executive of Pershing Square Capital Management, is seeking $2 billion to take the company’s investment fund public. In a letter to strategic partners last week, Ackman said that he expected to raise between $2.5 billion to $4 billion. The company will offer 40 million shares priced at $50 apiece, according to a Tuesday filing with the US Securities and Exchange Commission. That would be an additional $300 million value for the investment fund, Pershing Square USA. Pershing Square officially hung up its activist megaphone in 2022, opting to work with a small group of companies behind the scenes.

Persons: Bill Ackman, Ackman, ” Ackman, Pershing, — Organizations: New, New York CNN, Pershing, Capital Management, Wall, US Securities and Exchange Commission, Underwriters, Citigroup, Bank of America, Jefferies, USA, New York Stock Exchange, Herbalife, Trump Locations: New York, Israel

☆ Ukraine may have just scored its longest-range drone strike yet in Russian territory — a Tu-22M3 supersonic bomber around 1,100 miles away
▼ + stars: | 2024-07-28 | by ( Cameron Manley | ) www.businessinsider.com time to read: +4 min

Read previewUkraine said it hit a Tu-22M3 supersonic bomber a record-breaking 1,100 miles from its borders, Ukrainska Pravda reported on Saturday, citing sources in the Defence Intelligence of Ukraine. This story is available exclusively to Business Insider subscribers. AdvertisementSatellite imagery of Olenya airfield, reviewed by Business Insider, shows a large number of bombers at the site. Google EarthUkraine's Ministry of Defense did not immediately respond to a request for comment from Business Insider. Related storiesBut the attack on Olenya, if confirmed, would suggest Russian aircraft are vulnerable even deep inside Russian territory.

Persons: —, Ukrainska Pravda, David Axe, Mick Ryan, Kyrylo Budanov, Ukraine.As, WarTranslated, Dmitri Organizations: Service, Ukrainska, Defence Intelligence, Business, Google, Ukraine's Ministry of Defense, Bloomberg, Russian Defense Ministry Press Service, AP, Ukraine, BBC, Main Directorate of Intelligence, Federal Security Service, Reuters Locations: Ukraine, Murmansk, Russia, Russian, Salavat, Russia's, Bashkortostan, Australian, BBC Ukraine

☆ Russian soldiers are relying heavily on their personal cellphones to wage war in Ukraine even though it risks getting them killed
▼ + stars: | 2024-07-27 | by ( Jake Epstein | ) www.businessinsider.com time to read: +6 min

Former US military officers say this trend underscores a lack of secure military communication options or discipline and leaves Russian soldiers vulnerable to Ukrainian attacks. Russian military officers look at their smartphones while walking past the Kremlin in Moscow in April 2024. Ukrainian soldiers prepare a BM-21 artillery vehicle in its fighting position in the Donetsk region in July 2024. AdvertisementOne such incident occurred at the very end of 2022, when Ukraine launched a devastating precision strike against Russian troops gathered in Makiivka, in the eastern Donbas region. Related storiesUkraine's military intelligence agency, the HUR, regularly publishes audio of purported interceptions from calls made by Russian soldiers.

Persons: —, Dan Rice, Rice, Mark Cancian, Diego Herrera Carcedo, Cancian, HUR Organizations: Service, Former US, Business, State Duma, State, Defense, Institute for, Kremlin, US, American University Kyiv, US Marine Corps, Center for Strategic, International Studies, Getty, Russian, Kyiv, Ukrainian, Russian Defense Ministry, US Army, United Locations: Ukraine, Russian, Moscow, Donetsk, Anadolu, Makiivka, Russia, United States

☆ The stock market is gearing up for its rate cut era
▼ + stars: | 2024-07-26 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

Data Thursday showed the economy expanded at a robust 2.8% annualized rate during the second quarter, blowing past economists’ expectations. While the Fed has penciled in just one rate cut for this year, traders are betting on up to three, according to the CME FedWatch Tool. While the market was broadly higher on Friday, the S&P 500 and Nasdaq on Wednesday logged their worst daily performances since 2022. Shares of smaller companies tend to perform poorly when rates are high, since they have more floating rate debt than their larger counterparts. Investors are also picking at other areas of the market poised to gain when rates come down.

Persons: —, Dow, Russell, Stephen Lee Organizations: New, New York CNN, Federal Reserve, Big Tech, Nasdaq, MRB Partners, YouTube, Logan Capital Locations: New York

☆ Nasdaq tracks for worst day since 2022 after Alphabet and Tesla fail to impress Wall Street
▼ + stars: | 2024-07-24 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —Tech shares led a selloff Wednesday after lackluster earnings reports from two of the market’s most prominent heavyweights. The Nasdaq Composite declined 3%, on pace for its worst daily percentage decline since December 2022. The electric vehicle maker faces growing competition from established automakers domestically and internationally and a slowdown in EV sales growth. Wall Street has rotated out of the tech bigwigs that led stocks higher over the past year in favor of smaller stocks that have been beaten down by sky-high rates. The Russell 2000, which tracks the performance of US small-cap stocks, is up 9.3% for the month, outperforming the S&P 500’s 0.1% loss.

Persons: didn’t, Russell, cybercriminals, Biden Organizations: New, New York CNN — Tech, Nasdaq, Dow, YouTube, Federal Reserve, Investors, Bloomberg Locations: New York, China

☆ Dow slides by more than 450 points and tech stocks continue to sell off
▼ + stars: | 2024-07-18 | by ( Krystal Hur | ) edition.cnn.com time to read: +1 min

New York CNN —US stocks sold off broadly Thursday as Wall Street continued to shed tech stocks. The Dow fell 464 points, or 1.1%, retreating from a record high reached a day ago. Investors have this week moved out of the Magnificent Seven tech stocks that powered the market to repeated record highs this year. Shares of smaller companies that tend to do well in a lower-rate environment began rallying last week, helping the Dow reach fresh highs. Tech stocks also took a hit this week after Bloomberg reported Tuesday that the Biden administration is mulling plans to impose more sanctions on Chinese tech firms and to heighten semiconductor trade restrictions between the US and China.

Persons: Dow, ”, Louis Navellier, Russell, Tesla, Biden Organizations: New, New York CNN, Nasdaq, Wednesday . Energy, Navellier, Associates, Federal Reserve, Dow, Nvidia, Microsoft, Meta, Tech, Bloomberg Locations: New York, China

☆ Nasdaq has worst day since 2022 as tech stocks get slammed
▼ + stars: | 2024-07-17 | by ( Krystal Hur | ) edition.cnn.com time to read: +1 min

New York CNN —Tech shares slumped Wednesday as investors shed the behemoths that fueled Wall Street’s monster stock rally this year. The Nasdaq Composite index tumbled 2.8%, logging its worst day since December 2022. Investors are also selling tech stocks after a cool inflation report last week and stronger-than-expected retail sales data on Tuesday pushed up bets for a rate cut in September. The Magnificent Seven tech stocks, which have led most of the gains this year thanks to the artificial intelligence boom, tumbled. Microsoft (MSFT) shares fell 1.3%, Apple (AAPL) shares slid 2.5%, Amazon (AMZN) shares declined 2.6%, Alphabet shares declined 1.6%, Tesla shares slipped 3.1% and Meta Platforms shares lost 5.7%.

Persons: Biden, Russell Organizations: New, New York CNN — Tech, Dow, Nvidia, Devices, Bloomberg, US Commerce Department, Microsoft, Apple, Meta Locations: New York, China

☆ Dow and S&P 500 close at record highs as investors bet on September rate cut
▼ + stars: | 2024-07-16 | by ( Krystal Hur | ) edition.cnn.com time to read: 1 min

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