Stock Market Update
07-Aug-24 15:05 ET
FTNT, AXON show outsized gains despite index level move lower
Dow -114.49
at 38883.17,
Nasdaq -32.59
at 16334.27,
S&P -5.72
at 5234.31
[BRIEFING.COM] The major indices trade at or near session lows. The S&P 500 sports a 0.6% loss and the equal-weighted S&P 500 trades 0.4% loss.
Seven of the S&P 500 sectors are lower and four show losses greater than 1.0%. The consumer discretionary sectors sports the largest decline, down 1.3%. Meanwhile, the energy (+1.0%), utilities (+0.5%), and financials (+0.4%) sectors lead the outperformers.
Some S&P 500 components have maintained big gains despite the index level deterioration. Fortinet (FTNT 71.72, +15.94, +28.6%) and Axon (AXON 344.46, +49.46, +16.8%) lead the index after reporting earnings.
Separately, consumer credit increased by $8.9 billion in June (Briefing.com consensus $10.0 billion) following a $14.0 billion increase in May (from $11.3 billion).
