A multiday streak of US stock market records ended Thursday as investors shifted bets away from hot artificial intelligence equities toward overlooked names in anticipation of interest rate cuts.
The Nasdaq, which had closed at seven straight records, finished down two percent due to weakness in Nvidia, Apple and other tech equities that have led the market in 2024.
The S&P 500 also fell, after notching six straight records.
The drop in two of the three major US equity indices followed a positive day in Europe.
Despite the decline in the US indices’ overall value, analysts noted that the majority of equities moved higher.
“What’s being bought is the laggards,” said Art Hogan of B. Riley Wealth Management. “It’s the start of a healthy rotation.”
June consumer price index (CPI) inflation figures came in lower than anticipated, at three percent from a year ago, with a 0.1 percent month-on-month decline …