Major US stock indices are rebounding off of premarket levels but are still negative on the day.
- Dow industrial average is down -172 points or -0.39% at 44746.84.
- S&P index is down -12.25 points or -0.18% at 6454.62.
- NASDAQ index is down -9.37 points or -0.04% at 21703.11.
The small-cap Russell 2000 is down -31.80 point or -1.37% at 2296.31 as the market reacts to higher rates and perhaps expectations at the Fed will be as accommodative between now and the end of the year. Of course the Russell 2000 also rose just short of 5% in two trading days prior to today’s fall. So it was poised for a retracement.
Looking at some movers today:
- Netflix shares are up $16.42 or 1.3% at $1219.72.
- Cisco shares are down $0.48 or -0.71% at $69.91 after reporting earnings of $0.99 (versus $0.98 expected) on revenues of $14.7 billion (versus expectations of $14.62 billion).
- Broadcom is trading up 1.64%
- Nvidia is unchanged at $181.50
- Microsoft is up 0.59%
- Amazon is up 2.04%
This article was written by Greg Michalowski at investinglive.com.