TheDrop Market Analysis, 9/16/24

After a solid week of growth, markets have finally begun to pull on back, ending the growth streak.

The Dow witnessed a 0.55% increase in share price today, which highlights the core strength behind many industrial and banking stocks today. Meanwhile, the Nasdaq pulled on back by 0.52%, and the S&P 500 remained stagnant.

What dropped the Nasdaq so significantly today was Apple. Following unexpectedly low demand for its new iPhone models, as well as many investors losing interest in the company for not delivering strong innovations in its devices, Apple's share price fell by 3%, the largest drop in the Nasdaq index. It also caused many other "Big Tech" stocks such as Nvidia and Google to face insurmountable selling pressure, leading to very minimal if any gains.

Several stocks did stand strong in today's bear market, such as Intel and Google. Even better was Icahn, who's stock grew by 15% after winning a pivotal court ruling.

The markets are destined to react to the upcoming Fed announcement to rate cuts this week. Many investors are hoping for a half a basis point cut, but a quarter of a basis point cut is also very likely.