Stock Market Today, July 24: Dow Recovers and Sandisk Tumbles 11% as Tech Stocks Fall Further
Up 0.46% to 51,947, the Dow Jones Industrial Average (DJINDICES:^DJI) recovered a portion of its Thursday loss, while the S&P 500 (SNPINDEX:^GSPC) edged up 0.05% to 7,412 and the Nasdaq Composite (NASDAQINDEX:^IXIC) slipped 0.64% to 24,976 on continued tech weakness.
Gold rose 0.15% to $4,056.30 as of U.S. market close, while the 10-Year Treasury yield fell 0.02% to 4.68%. Real Estate and financial services led the gainers, while technology stocks fell 2.37%.
Today's biggest moves
Intel shares declined 6.5% as investors looked past a quarterly earnings beat, while Sandisk Corporation dropped almost 11% alongside other memory stocks. Space Exploration Technologies stumbled ahead of another key test flight.
What this means for investors
WTI crude oil retreated 2.25% to $90.12 today, easing inflation fears slightly and providing some relief to the Dow. However, with growing disruption to oil supply chains and the introduction of new global tariffs, investors remain nervous. Concerns over high artificial intelligence (AI) spending continue to weigh on tech stocks.
The S&P 500 finished in the red for the second week running, and the Nasdaq has fallen by almost 2% in the past month. Bank of America’s (NYSE:BAC) Bull & Bear Indicator — a gauge of investor sentiment — hit its highest level since 2021. The strong sell signal, which shows extreme bullishness across several factors such as fund flows, hedge fund positions, and market breadth, has often preceded market selloffs.
In the long run, a balanced portfolio of high-quality assets is a proven way to build wealth. Even so, these factors are all reasons to remain cautious. Without making dramatic changes, it may be a good time to review your holdings and consider whether you’re comfortable with the level of risk.
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Bank of America is an advertising partner of Motley Fool Money. Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intel. The Motley Fool has a disclosure policy.
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