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July 24 - The Nasdaq plummeted to a one-month low on Wednesday after Tesla and Alphabet disappointed with lackluster earnings, prompting investors to question if the Big Tech and AI-fueled 2024 equity rally was sustainable in the long run.
Tesla and Alphabet dragged the S&P 500 Communication Services , and Consumer Discretionary , sector indexes down more than 3% each. "I can't help thinking if the tech sector does sneeze, the whole market could catch it," said David Morrison, senior market analyst at TradeNation. Chary of the high valuation of these companies, market participants started shifting to underperforming sectors in mid-July.
Friday's release of the personal consumption expenditures numbers, the U.S. Fed's preferred inflation measure, will be the week's most closely watched economic data. Among others, AT&T , gained 4.9% after beating forecasts for wireless subscriber additions, while solar inverter maker Enphase Energy , jumped 14.7% after a second-quarter operating profit beat.
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