TheDrop Market Analysis, 01/07/24
- Alexangel Ventura
- Jan 7
- 1 min read
Markets plummeted significantly following all-time highs yesterday, as well as from debates over a possible rate cut.
The Nasdaq once again led the most heavy losses of the day with a deep 1.9% decline. Furthermore, the S&P 500 fell 1.1% and the Dow fell 0.4%. This could be attributed to Nvidia and the Fed. Following the greatly optimistic keynote spoken by CEO Jensen Huang, the stock surged to all-time highs, however due to oversaturation, the stock fell, causing a chain reaction all across the Nasdaq index. Also, investors made less enthusiastic bets over the possibility of a rate cut in 2025, all around exacerbating the situation faced in the stock market.
Nvidia led today's losses with an over 6% decline, pushing it back from historic all-time highs. Palantir fell 7.8%, Apple fell 1.1%, Tesla fell 4.1%, Lucid fell 4.5%, and Microsoft fell 1.3%, to name a few. Today's bear market is clearly evident in a substantial way.
Out of the meager amount of outliers which made some gains today, Moderna led all others with an 11.7% increase as its bird flu vaccine could become a necessity as bird flu cases spread across the nation, and the first recorded death of the virus detected in Louisiana. XPeng also skyrocketed today following news of a partnership with Volkswagen to build an EV charging network in China.
