TheDrop Market Analysis, 10/7/24

Markets reversed some of last week's growth, bringing the economy away from its all-time highs.

The S&P declined by 1%, the Nasdaq by 1.2%, and the Dow by 1%. The Russell was the least hard-hit with a fall of about 0.9%. Investors have sold off in droves today as a CPI (Inflation) report is coming very soon.

Thus, most stocks were down, particularly tech stocks. Amazon lost 3%, and Microsoft lost 1.5%. Google plummeted today after news of a court ruling forcing Google to open up its play store to rival companies.

Nvidia, with ease, was a key outlier in today's sea of red. The company saw about a 2% increase as investors favor the chip giant over other companies. Furthermore, Donald Trump's media stock surged today, possibly due to his very popular moments in Butler, Pennsylvania with Elon Musk this past weekend.