Nasdaq Drops After Broadcom, Crowdstrike Earnings, Dow Jones Jumps at Open

💡 The Nasdaq composite fell as tech stocks like Broadcom and Crowdstrike declined after their quarterly earnings reports.

The Nasdaq composite dropped 1.2% on Thursday as technology stocks like Broadcom and Crowdstrike declined after their quarterly earnings reports. The Dow Jones Industrial Average, however, rose 0.4% at the open as investors continued to focus on economic growth and interest rate decisions.

Nasdaq Composite Falls

The Nasdaq composite fell 1.2% to close at 13,444.49, with both $SPY and $QQQ experiencing losses. Broadcom's $AVGO shares plummeted 10.5% after the company reported disappointing quarterly earnings and revenue. Crowdstrike's $CRWD shares fell 5.3% despite beating analyst estimates.

Dow Jones Industrial Average Rises

The Dow Jones Industrial Average rose 0.4% to close at 34,533.29, led by gains in consumer staples and healthcare stocks. The S&P 500 also gained 0.4% to close at 4,175.45.

Interest Rate Decisions Ahead

The US Federal Reserve is expected to make interest rate decisions in the coming months, with some analysts predicting a possible rate cut. The Fed's next policy meeting is scheduled for June 2024.

What It Means for Investors