Nasdaq Composite index enters correction territory due to tech earnings and economic concerns.
The Nasdaq Composite index entered correction territory, falling 10% below its record high, following underwhelming tech earnings from Amazon and Intel, along with concerns about a slowing US economy. The recent soft jobs report raised questions about whether the Federal Reserve will need to implement significant interest rate cuts to prevent a potential recession. Historically, the Nasdaq has entered correction territory 24 times in the past 44 years, with stocks typically trading higher a month after entering such territory.
August 02, 2024
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