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Investors Rotate Out Tech Megacaps, Driving Nasdaq Down From Record | Wall Street Today

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Moomoo Recap US wrote a column · Jul 12 04:11
Investors Rotate Out Tech Megacaps, Driving Nasdaq Down From Record | Wall Street Today
The Nasdaq fell from its record high as investors rotated out big tech stocks. Meanwhile, the lowest CPI reading in over three years drove investors into small-cap stocks.
The $.IXIC.US$ pulled back 1.95%, retreating from a record high yesterday. The $.SPX.US$ fell 0.88% to close at 5584.54, while the $.DJI.US$ was flat, up 0.08%.
MACRO
US inflation cooled in June to the lowest level since 2021 due to slowdown housing costs, signaling that the Federal Reserve might cut interest rates soon.
The so-called core consumer price index, climbed 0.1% from May, the smallest advance in three years, Bureau of Labor Statistics figures showed Thursday.
The June reading will go a long way toward giving Powell and his colleagues the confidence they need to cut rates, likely starting in September. 
SECTORS
Oil futures finished higher on Thursday to tally back-to-back session gains as a decline in a key U.S. inflation gauge fueled expectations for interest-rate cuts this year that may lead to a rise in consumer energy demand.
Prices had declined during part of the session after the International Energy Agency, in its monthly report, slightly raised its forecast for growth in crude demand in 2024 but lowered its outlook for next year.
MOOVERS
$TSLA.US$ stock reversed gains, falling 8.4% Thursday after a report said the electric-vehicle giant was delaying its planned robotaxi launch.
The sudden re-emergence of Keith Gill, known as Roaring Kitty, appeared to give so-called meme stocks a slight boost on Thursday. Shares in the volatile videogame retailer $GME.US$ rose 2.4% Thursday.
$MSTR.US$ announced Thursday morning that it plans to conduct a 10-for-1 split of its stock in early August, sending the stock rising 4.1% on Thursday.
$ENPH.US$ shares are trading 4.6% higher Thursday after the company announced residential and commercial products that can help solar projects qualify for the Domestic Content Bonus Credit.
Source: CNBC, Bloomberg, MarketWatch
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