Morning Report 2 Aug 24: Stocks slump on earnings & economic slowdown worries

US sharemarkets tumbled on Thursday after a round of economic data spurred concerns the US economy may be slowing faster[1]than-anticipated while the US Federal Reserve maintains a restrictive monetary policy. Economic bellwethers JPMorgan and Boeing fell between 2.3% and 6.5%. Declines in megacap names such as Apple and Amazon ahead of their quarterly results due after the closing bell weighed heavily on the technology stocks. Apple slid 1.7% and Amazon shed 1.6%. Nvidia slumped 6.7% in a broader chip stocks rout sparked by Arm Holdings' conservative revenue and Qualcomm flagging a revenue hit from the impact of trade curbs, dragging those stocks down 15.7% and 9.4%, respectively. Moderna slumped 21% after cutting its 2024 sales forecast for Covid-19 and respiratory syncytial virus vaccines by up to 25%. Meta Platforms jumped 4.8% on a sales beat.
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[@davidkinda8555]

Easy come, easy go

[@dennistongs4244]

Don't know about easy come. But I know how profitable patience can be!

[@MarkBraden151]

Thank you, Tom 😊

[@lr5954]

Great wrap up thanks Tom

[@user-gk1nt6sm2z]

Good summary, worth watching

[@koopsjunta]

Many thanks for the update!

[@unclenick1968]

Down and then more sideways?

[@GNARGNARHEAD]

information has been starting to surface that Intel's current generation on processors are all flawed, significantly flawed, mainly for gamers, but still. they have been trying to deny it, but many companies have already switched their products to AMD.. they are still trying to deny it for their laptop processors, is a bad look

[@user-gk1nt6sm2z]

Bidenomics