Stock Market Midday, July 24: Blue Chip Stocks Rebound as Oil Prices Plunge
As of 11:31 AM ET, the Dow Jones Industrial Average (DJINDICES:^DJI) is up 0.72% to 52,082, the S&P 500 (SNPINDEX:^GSPC) has gained 0.59% to 7,452, and the Nasdaq Composite (NASDAQINDEX:^IXIC) is rising 0.09% to 25,161 as blue-chip stocks rebound from yesterday's heavy selling.
Gold is up 0.74% to $4,080.10 as of 11:31 AM ET and the 10-Year Treasury yield is up 0.04% to 4.71%.
Today's biggest moves
Intel (NASDAQ:INTC) shares are falling 4% today as investors weigh heavy capital spending against an earnings beat, while Alphabet (NASDAQ:GOOGL) is seeing a modest recovery attempt. Space Exploration Technologies (NASDAQ:SPCX) is under pressure as space industry valuations soften today.
What this means for investors
SpaceX stock dropped to an all-time low today as investors continue to rerate the company’s valuation after its massive initial public offering (IPO) last month. Investors are focusing on buying blue-chip names today, as reports say Pakistan is considering a path to new peace negotiations between the U.S. and Iran.
Intel and Tesla are both slumping after recent earnings reports, leading to underperformance of the tech-heavy Nasdaq. Investors are growing increasingly concerned about the massive increase in capital expenditures among tech companies.
Oil prices and the conflict in the Middle East will likely continue to drive market sentiment into next week, but investors with a long-term outlook should consider using weakness to add to their favorite names.
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Bank of America is an advertising partner of Motley Fool Money. Howard Smith has positions in Alphabet and Tesla. The Motley Fool has positions in and recommends Alphabet, Intel, and Tesla. The Motley Fool has a disclosure policy.
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