Tech Giants Take a Tumble: What's Shaking Up Wall Street?

Market Overview

• S&P 500: Dropped 1.2% from record high
• Nasdaq Composite: Fell 1.8%
• Dow Jones Industrial Average: Lost 266 points

Tech Stocks Take a Hit

Broadcom

• Stock Plunge: 10.5% despite better-than-expected profits
• AI Semiconductor Revenue: Surged 74%
• Year-to-Date Growth: 75.3%

Oracle

• Stock Drop: Nearly 11% after reporting stronger profits
• Concerns: Heavy investment in AI technology and funding strategies

Nvidia

• Stock Decline: Fell 2.5%

Bond Market Pressure

• 10-Year Treasury Yield: Rose to 4.19%

Sectors Gaining Ground

• Dow Jones Industrial Average: Up 1% for the week
• Travel-Related Stocks: Southwest Airlines and Norwegian Cruise Line on the rise
• Lululemon Athletica: Led S&P 500 with an 11.1% jump after strong earnings and leadership change

International Markets

• European Indexes: Fell
• Asian Markets: Significant gains, led by Hong Kong and Tokyo

Federal Reserve's Impact

• Interest Rate Cut: Boosted investor optimism
• Fed Chair Jerome Powell: Eased fears about further rate hikes