US Stock Market Today: Tech-Heavy Nasdaq Slips 87 Points To 15,947, Dow Jones Drops 0.06 pc- Here's Why

US Stock Market Today: US stocks experienced a slight dip. Check momentum stocks and reasons behind the market down ward trend.
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US Stock Market Today: Tech-Heavy Nasdaq Slips 87 Points To 15,947, Dow Jones Drops 0.06 pc- Here's Why (image source: iStock)

US Stock Market Today: US stocks experienced a slight dip. The Dow Jones Industrial Average dropped by 23.39 points (0.06 per cent) to 38,949.02, the S&P 500 decreased by 8.42 points (0.17 per cent) to 5,069.76, and the tech-heavy Nasdaq Composite fell by 87.56 points (0.55 per cent) to 15,947.74, Reuters reported.
Stocks have had difficulty maintaining their upward momentum in the days leading up to this data. This follows a prolonged rally driven by excitement over the potential of artificial intelligence (AI), which was sparked by Nvidia’s quarterly earnings.

Momentum Stocks

UnitedHealth, the largest drag on the Dow and one of the largest on the S&P 500 fell 2.95 per cent following Tuesday’s report of a U.S. Department of Justice antitrust investigation into the healthcare conglomerate.
Applied Materials, a semiconductor equipment supplier, lost 2.62 per cent upon receiving a subpoena from the U.S. Securities and Exchange Commission in February.
Beyond Meat soared 30.72 per cent as the plant-based meat manufacturer banked on price increases and drastic cost reductions to improve its struggling margins, causing a squeeze on its heavily shorted shares.
Major cryptocurrency firms Coinbase Global and Marathon Digital rose by 0.7 per cent and 2.38 per cent respectively, although they ended well below their earlier highs as Bitcoin nearly reached $64,000 before reducing gains.

Economic Data To Shape Federal Reserve’s Stance

Wednesday’s data confirmed that the U.S. economy grew robustly in the fourth quarter due to strong consumer spending, but it seems to have slowed down somewhat in early 2024. This week’s reports on weekly initial jobless claims and manufacturing activity, along with the PCE data, will further help assess the economy’s strength and the direction of interest rates.
Boston Fed Bank President Susan Collins stated on Wednesday that the Fed should “take time” to evaluate data before making any policy changes to ensure it fulfils both of its mandates: maximum employment and price stability, Reuters reported.
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