The S&P 500
retreated from a record as investors rotated out of the big technology winners of the year, including Nvidia
and Meta Platforms
. The catalyst for the move was the lowest consumer price index reading in more than three years, which sent rates lower and investors into small caps and housing-related shares.
The S&P 500
fell 0.88%, retreating from a record it touched earlier in the session and closing at 5,584.54. The Nasdaq Composite
pulled back 1.95%, after also hitting a new record earlier in the trading day. The tech-heavy index ended the day at 18,283.41, weighed down by a decline of more than 5% in Nvidia. The Dow Jones Industrial Average
added 32.39 points, or 0.08%, ending at 39,753.75.
The small-cap benchmark Russell 2000 Index
gained about 3.6% as investors hoped for a Federal Reserve rate cut in September and an economic soft landing following the inflation data.
www.cnbc.com/2024/07/10/stock-market-today-live-updates.html