Stock market today: S&P 500, Nasdaq fall from records amid tech sell-off
What caused the S&P 500 and Nasdaq to fall?
The S&P 500 and Nasdaq fell due to a tech sell-off following a key inflation report that showed consumer prices unexpectedly declined on a month-over-month basis for the first time since 2020. Investors rotated out of tech, causing heavyweights like Nvidia, Microsoft, and Meta to slide.
How much did the S&P 500 drop on Thursday?
The S&P 500 dropped 1% on Thursday, falling back below 5,600 after crossing that level for the first time on Wednesday1. This decline occurred as investors rotated out of tech stocks following a key inflation report that showed consumer prices unexpectedly fell on a month-over-month basis for the first time since 2020.
What was the percentage increase for Real Estate and Utilities sectors?
The Real Estate sector increased by about 2%, while the Utilities sector rose by approximately 1.5% following June's cooler-than-expected inflation print. Investors flocked to these rate-sensitive sectors as the Consumer Price Index declined 0.1% over the previous month and increased just 3.0% over the prior year.